Canadian private equity firm Novacap has invested in Mucci Farms, a Kingsville, Ontario grower, packer and shipper of greenhouse vegetables.
A Novacap spokeswoman confirmed to Agri Investor that the investment was made from Novacap Industries IV, which closed on $363 million in May of last year.
Kingsville’s largest employer, with more than 1,200 full-time employees, Mucci grows its own produce while also marketing over 700 acres of greenhouse produce from growers throughout North America, operating warehouses and distribution facilities in Ontario and Michigan.
The new funding will help boost the company’s Canadian operations with equipment upgrades allowing for year-round production and support the construction of new facilities in Ohio, according to joint statement from the firms.
“This partnership will allow us to focus on operations and growth as we aim to become the preferred quality supplier of our industry,” said Bert Mucci, president.
Novacap, founded in 1981, has over $1.6 billion of assets under management and through the Industries IV fund invests primarily in companies involved in consumer goods and manufacturing, while investing in tech-focused companies through its Novacap TMT IV fund.
The firm’s existing food and agri-related portfolio companies include Windmill Farms, one of Canada’s leading mushroom producers; Idaho Pacific, a processor of dehydrated potato products based in Ririe, Idaho; and Canada’s Mansion Bakeries.
Domenic Mancini, senior partner at Novacap, said Mucci’s highly qualified management team and position as a market leader attracted the firm to the opportunity.
“The company has an established track record and strong customer relationships and we are looking forward to working with the team and take the business to the next level,” he said.