The company, which is headquartered in Pointe-Claire, Québec, manufactures granola bars, crisp bars, fruit bars, peanut and mixed nut bars, and functional food bars.

Novacap said that its acquisition of an undisclosed stake in Noble Foods will not impact the 100 employee positions and also the management roles at the latter.

Further, the Canada-based private equity firm intends to invest in the growth of Noble Foods to help it expand business into new markets.

The equity investment by Novacap was done with the support of Investissement Québec.

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.”

Casimir added that Novacap’s partnership with Noble Foods will enable the company to look for multiple acquisition and strategic opportunities to grow the latter’s existing manufacturing capabilities and geographic presence.

Novacap said that Lee Shulkin, Eric Kimmel and Alex Dehkter, the three founders of Noble Foods will retain their current roles and continue to be 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.”

Founded in 1999, Noble Foods has been manufacturing its nutrition and energy bars from a 30,000ft2 factory located near Montreals international airport. The company is said to have a current production capacity of manufacturing more than 50 million bars a year on a Sollich slab line.

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