May 24, 2017

Leading Canadian private equity firm NOVACAP has made an undisclosed investment in Ontario-based Mucci Farms.

Located in Kingsville and launched in 1961 by Tony and Gino Mucci, Mucci Farms grows its own produce including tomatoes, cucumbers, and peppers, and markets over 700 acres of greenhouse-grown produce from growers throughout North America. With 1,200 employees, Mucci Farms also operates warehouse and distribution sites located in Ontario and Michigan.

Located on the north shore of Lake Erie, the Kingsville area’s flat terrain and moderate climate has made it home to the largest concentration of greenhouses in North America – claiming 1,800 acres of greenhouse production and supporting infrastructure in place to support the industry.

Canada claims 680 greenhouse farms with a production volume of 590,879 tons of vegetables per year. The total greenhouse vegetable farmgate value was nearly $1.3 billion in 2014, according to the Canadian Horticulture Council. Primary vegetables produced are tomatoes, which account for about 40 percent of the country’s greenhouse vegetable farmgate value, followed by peppers, cucumbers, and lettuce.

“This partnership is a great opportunity for NOVACAP to support a highly qualified management team and to partner with a leader in the industry,’’ said Domenic Mancini, senior partner at NOVACAP. “The company has an established track record and strong customer relationships and we are looking forward to working with the team to take the business to the next level.”

Founded in 1981, and with over $1.6 billion in assets under management, NOVACAP is a top private equity firm with offices in Montreal and Toronto. The firm invests in companies that are leaders in their market niche throughout the Americas and has fostered accelerated growth for 64 companies to date.

With the capital from this investment, Mucci Farms is aiming to add capabilities to its Canadian operations including state-of-the-art equipment that would enable the company to produce high-quality vegetable on a year-round basis. The company is also planning the construction of new and modern facilities in Ohio.

“We are very excited to be partnering with NOVACAP who, with its resources and expertise, will provide invaluable support to our company as we enter this next phase of growth,” said Bert Mucci, president of Mucci. “This partnership will allow us to focus on operations and growth as we aim to become the preferred quality supplier of our industry.”

-Lynda Kiernan

Lynda Kiernan is Editor with GAI Media and daily contributor to GAI News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at lkiernan@globalaginvesting.com.