Novacap to acquire interest in Quebec-based Noble Foods

Canadian private equity firm Novacap has announced plans to acquire an interest in Quebec-based nutrition and energy bars manufacturer Noble Foods Nutrition.

The financial details of the deal have not been disclosed by either of the companies.

The Canadian equity firm intends to retain all 100 of Noble Foods’ employees following the completion of the transaction.

Novacap is also planning to make further investments in Noble Foods in order to support its growth, as well as facilitate expansion into new markets.

Novacap Industries principal Antoine Casimir said: “The team at Noble Foods has demonstrated market-leading know-how in innovation, production and market development.

“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.”

The three founders of Noble Foods, Lee Shulkin, Eric Kimmel and Alex Dehkter, are expected to continue in their current roles and remain shareholders in the company.

Noble Foods president Lee Shulkin said: “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 transaction was carried out with the support of Investissement Québec.