Acquisition expands co-packing capacity of Noble Foods Nutrition

The Novacap portfolio company has acquired the co-packing activities of US confectionery manufacturer Betty Lou’s

Noble Foods Nutrition, a nutrition and energy bar contract manufacturer based in Montréal, has acquired the co-packing activities of Betty Lou’s, a US snack bar manufacturer located in McMinnville, Oregon.

The acquisition is a strategic move as the company plans to establish its name as a medium-sized bar manufacturer in North America.

Lee Shulkin, president of Noble Foods, commented: “We couldn’t have found a better complement to our base of customers and our present employees. Merging the two companies’ business philosophies and trajectories will significantly improve both enterprises and make the whole so much greater than the sum of its parts.”

The companies said co-packing activities at Betty Lou’s will continue uninterrupted at the McMinnville facility.

Products manufactured under Betty Lou’s array of brands will be produced at a new facility in McMinnville under the continued ownership of Betty Lou Carrier, the company’s founder.

“After 42 years, I have decided to sell the co-packing activities of Betty Lou’s to Noble Foods and focus our efforts on our private Betty Lou’s brand,” said Carrier.

Carrier said Noble Foods has been co-packing bars for more than 20 years with a high level of organisation, professionalism, and dedication to bar manufacturing. “It gave me great comfort knowing that they have the same philosophy about customer service and quality as we do,” she said. “Our Betty Lou’s employees are like family, and I’m happy to know that those joining the Noble Foods team will be taken care of, as that is very important to me.”

Noble Foods has been a portfolio company of Novacap since 2018 as part of a strategic move to build a portfolio of bar contract manufacturers in North America.

“This acquisition marks the first transaction in our investment thesis and an excellent foothold for Noble Foods in both the United States as well as the West Coast,” said Antoine Casimir, principal, industries at Novacap. “We firmly believe that [the company] will become the preferred contract manufacturer in North America, and we will continue to explore multiple acquisition and strategic opportunities to expand its current manufacturing capabilities and geographic reach.”

Turning Point Consulting was financial advisor to Betty Lou’s. Perkins Coie and Fasken Martineau DuMoulin were legal advisors.