Novacap Invests in Noble Foods
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Novacap Invests in Noble Foods

Novacap has made an investment in Noble Foods Nutrition, a contract manufacturer of nutrition and energy bars.

Noble Foods Nutrition has approximately 100 employees and manufactures a range of nutrition and energy bars including granola bars, crisp bars, fruit bars, peanut and mixed nut bars. The company can also coat its products with a variety of chocolates including dark, milk, sugar-free, or peanut flavored coatings.

Noble Foods was founded in 1999 by Lee Shulkin, Eric Kimmel and Alex Dehkter and all three will continue in their current roles and remain shareholders in the company. The company is headquartered in Pointe-Claire, Québec (www.noblefoods.com).

The investment from Novacap will be used to invest in the company’s growth to help it expand into new markets. “Noble Foods is proud to be joining forces with a strategic partner of the caliber of Novacap to propel our company to the next phase of its growth,” said Lee Shulkin, President of Noble Foods. “With its team of seasoned managers and this injection of fresh capital, it will bring complementary expertise that will enable us to accelerate our development plan and achieve our high ambitions by exploring new market segments.”

“The team at Noble Foods has demonstrated market leading know-how in innovation, production and market development,” said Antoine Casimir, Principal – Industries, at Novacap. “We firmly believe that blending their expertise with that of Novacap will enable Noble Foods to drive growth and become the preferred contract manufacturer in North America. This partnership will allow us to explore multiple acquisition and strategic opportunities to expand its current manufacturing capabilities and geographic reach. We are all very enthusiastic about this chance to work with a very dynamic company led by three visionary founders.”

Novacap, with $2.3 billion in assets under management, invests in middle market companies within traditional industries and in companies in the technology, media and telecommunications sector.  The firm was founded in 1981 and is based in Quebec (www.novacap.ca).

This transaction was completed with the support of Investissement Québec, a business development organization that provides advisory and capital (loans, loan guarantees and equity investments) to companies looking to initiate or expand their activities in Quebec. Investissement Québec is headquartered in Montréal (www.investquebec.com).

“Noble Foods is the type of business we want to support in Québec’s food manufacturing ecosystem,” said Pierre Gabriel Côté, Investissement Québec’s President and CEO. “The innovative manufacturing sector is one of our strategic priorities, and the company will strive to increase the number of manufacturing jobs on the Island of Montréal following the planned capacity expansion. So it’s perfectly natural for us to contribute to the success of the transaction.”

© 2018 Private Equity Professional | June 22, 2018

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