Apple Valley Foods Inc. of Kentville is increasing its supply of pies and cakes for U.S. retail markets with $800,000 in working capital financing from Nova Scotia Business Inc. (NSBI).
Total sales for the company increased sevenfold from 2000 to 2001 and are projected to double this year. NSBI provided the $800,000 working capital loan to support this increased production.
The Sarsfield family is an excellent example of the kind of entrepreneurial spirit that exists in Nova Scotia, said Stephen Lund, president and CEO of Nova Scotia Business Inc. They've built Apple Valley Foods into a solid rural company with excellent growth prospects, and we want to support this growth.
Established in 1999, Apple Valley Foods produces a variety of unbaked and baked fruit and cream pies in various sizes. It also produces baked cakes with all product frozen for delivery to the customer. Pies represent about 85 per cent of total sales, and cakes the remainder. The company currently employs 70 people, up from 45 last year. It expects to increase employment by another 20 people next year.
The financing will help us meet a growing and welcome demand for our products, said Jeff Sarsfield, president of Apple Valley Foods. We appreciate the support of our many customers, who recognize the high quality of our pies and cakes, as well as Nova Scotia Business Inc. for believing in and supporting our efforts to build a stronger business.
Nova Scotia Business Inc. is the province's business development agency, an organization that prides itself on working with companies to deliver business solutions. The private sector-led agency works to attract new businesses to the province and help those already in Nova Scotia expand through such efforts as export development and financing.