TORONTO — Stephano Group Ltd, a family-owned bar, cereal and snack manufacturer based in Ontario, has received a minority growth equity investment from the Canadian Business Growth Fund (CBGF) to accelerate its ambitious plans for growth.
Stephano Group is a leading Canadian consumer-packaged goods (CPG) food manufacturing business, which has been run by the Frank family for more than 40 years.
Currently operating two manufacturing sites and ten production lines, Stephano Group produces branded and private-label breakfast and snack foods. Its portfolio includes products that are organic, non-GMO, kosher, gluten-free and allergen-free.
The company has seen tremendous growth in the last five years, driving sales through retail and food service channels in both Canada and the US, and is on a mission to become a top producer of cereal and nutritional bar products in North America.
With the support of CBGF, Stephano Group will use the proceeds of this raise to increase sales and marketing efforts, expand corporate infrastructure, and grow its manufacturing capacity.
“We are very excited about this new chapter for Stephano Group. This investment will allow the company to have more fluid growth and enable us to meet our growth targets over the next few years,” said Noah Frank, president of Stephano Group. “We believe that along with their financial backing, the CBGF team provides a measure of support and guidance which will serve the company well over the coming years. We are thrilled to have them on board.”.
"We are very excited about this new chapter for Stephano Group. This investment will allow the company to have more fluid growth and enable us to meet our growth targets over the next few years," said Noah Frank, president of Stephano Group.
Founded in Ottawa in 1978, husband and wife Steve (Stephano) Frank and Annette Blaeske saw a need for innovative product offerings in the granola cereal marketplace. Together, they expanded the business into a CPG manufacturing company for the Canadian retail and food service sectors. By the 1990s, the second generation, Noah and Sean Frank, began working alongside their parents to help run the family business.
In 2009, Stephano Group relocated to Toronto and began focusing on its private-label and contract manufacturing offerings. With the rapidly growing demand for its products, Noah and Sean took on a more prominent role within the business to continue their parent’s legacy.
“As our first family-owned and operated investment, we are extremely proud to partner with the Frank family as they continue on their mission of growing Stephano Group into a leading private-label manufacturer of high-quality breakfast and snack products in North America,” said George Rossolatos, CEO of CBGF. “We are excited to help the second-generation sons continue in their parents’ footsteps and believe they have the experience to execute on their bold plans for growth.”
