Nova Vida GP has acquired Thai Indochine Trading, a Markham, Ontario-based distributor of Asian food products to mainstream and ethnic grocery stores in Canada. No financial terms were disclosed. Nova Vida GP, a private investment firm focused on the ethnic/multi-cultural food industry, is backed by Canadian private equity firm Sage Capital Partners.
TI Foods receives investment from Nova Vida GP Inc
TORONTO (PRWEB) OCTOBER 05, 2021
Nova Vida GP Inc, an Ontario-based investment firm, announced today that it has completed the acquisition of Thai Indochine Trading Inc (dba TI Foods), a leading provider of Asian food products to mainstream and ethnic grocery stores across Canada.
For more than 35 years, TI Foods has been catering to the growing demand for Asian food in Canada. It imports, distributes, and markets essential products such as rice, coconut milk & noodles, health products such as herbal tea & cough syrup, and lifestyle products such as snacks & beverages. With a portfolio consisting of market-leading brands such as Rose, Aroy-D, Coco Tree, Mama, Pacific Gold, KYJ, TaoKaeNoi, Mr. Brown and many others – TI Foods is recognized as a reliable and customer-focused supplier to hundreds of stores across Canada.
Nova Vida’s investment and operational resources will further support TI Foods’ plans for continued growth and expansion. Piyush Kunnapallil, President at Nova Vida GP Inc will assume the role of CEO at TI Foods. The current management team of Darren Chung and Ted Takounseun will continue to be integral parts of TI Foods.
On this new journey, TI Foods CEO Piyush Kunnapallil commented, “TI Foods has a wonderful team of professionals that has driven much of the company’s success over the years. It is a profitable company with an established presence, reputed brands, and diverse customer base. I am thrilled to be a part of this tight-knit organization and will further accelerate its growth in partnership with Ted & Darren and my equity investor Sage Capital Partners.”
TI Foods’ Director, Ted Takounseun, adds, “It’s a great time in TI Foods’ history to take on new partners and leadership. There are tremendous market opportunities in the ethnic food industry as the population of ethnic consumers grows and more & more non-ethnic consumers seek out Asian cuisines.”
With the renewed investment and focus, TI Foods is poised to strengthen its current operations in Canada as well as maintain its leadership team, brand equity and culture.
About TI Foods
TI Foods began in the 1980s and initially serviced the Thai, Laotian, Cambodian, and Vietnamese communities with canned goods, rice, and noodles. In the 1990s, the company capitalized on its expertise in sourcing authentic products and started to target other Asian demographics outside of their core consumers. The 2000’s saw the expansion of the company to target new customers through mainstream retailers and the company soon outgrew its previous warehouse. Today, TI Foods is a trusted distributor for several reputed brands and caters to hundreds of grocery stores across Canada from its upsized 40,000+ square feet warehouse in Markham, Ontario. Learn more at https://www.linkedin.com/company/ti-foodscanada/
About Nova Vida GP Inc.
Nova Vida GP Inc. is a private investment firm that was formed to identify, acquire, and operate private food manufacturing or distribution companies in Canada. By leveraging its owner-operator model, experience of managing CAD 250M+ businesses and access to captive capital, Nova Vida aims to grow the acquired companies to create long-term value for the company’s employees, customers & investors. Learn more at https://www.novavidacapital.com/.
About Sage Capital Partners
Sage is a $40 million Canadian focused private equity fund which partners with entrepreneurs to invest in lower middle market companies in support of their growth initiatives. Learn more at https://sagecapfund.com/