Novacap, through Novacap Industries IV, has acquired a majority stake in Noble Foods Nutrition Inc., a Pointe-Claire, Québec based manufacturer of nutrition and energy bars renowned for high-quality innovative products. Financial terms were not disclosed.
Noble Foods’ three founders, Lee Shulkin, Eric Kimmel and Alex Dehkter will continue in their current roles and remain shareholders in the company.
The acquisition was supported by Investissement Québec.
photo credit: Noble
News Release
Novacap acquires interest in Noble Foods
LONGUEUIL, QC, June 20, 2018 /CNW Telbec/ – Novacap, a leading Canadian private equity firm, today announced it is acquiring an interest in Noble Foods Nutrition Inc., a manufacturer of nutrition and energy bars renowned for high quality innovative products and headquartered in Pointe-Claire, Québec. All 100 employee positions at the company will be maintained, as will all management roles, and Novacap plans to invest in the company’s growth to help it expand into new markets.
“The team at Noble Foods has demonstrated market leading know-how in innovation, production and market development,” says 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.”
Lee Shulkin, President, Noble Foods, adds: “Noble Foods is proud to be joining forces with a strategic partner of the calibre of Novacap to propel our company to the next phase of its growth. 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 three founders of Noble Foods, Lee Shulkin, Eric Kimmel and Alex Dehkter will continue in their current roles and remain shareholders in the company.
The transaction was done with the support of Investissement Québec. “Noble Foods is the type of business we want to support in Québec’s food manufacturing ecosystem,” noted 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.”
About Novacap
Founded in 1981, Novacap is a leading Canadian private equity firm with $2.3 billion of assets under management. Novacap’s unique investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous investee companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class companies. For more information, please visit www.novacap.ca.
About Investissement Québec
Investissement Québec’s mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.
About Noble Foods
Founded in 1999, Noble Foods Nutrition Inc. is a manufacturer of nutrition and energy bars with an impeccable reputation that has been forged from many years of relentless customer service delivered directly by the three owners themselves. The most trusted brands in North-America rely on Noble Foods manufacturing expertise due to its customer responsiveness, reasonable minimum order quantities and the direct access to the owners of the company, who are so hands on in the process. The Company has over 100 dedicated employees at its plant in Montreal that are key to its success. For further information, visit www.noblefoods.com
SOURCE Novacap
For further information: Media contacts: For Novacap and Noble Foods: Valérie Gonzalo, 514.626.6976, valerie@agocom.ca, For Investissement Québec: Isabelle Fontaine, 514 876-9359, isabelle.fontaine@invest-quebec.com