Noble Foods Nutrition, a Canada-based bar manufacturer, has acquired the co-packing activities of US peer Betty Lou’s for an undisclosed sum.
Montreal-based Noble makes nutrition and energy bars on a contract basis whereas McMinnville, Oregon-based Betty Lou’s manufactures products under its own brands and others.
Noble said the deal will help it to “establish its foothold as a leading medium-sized bar manufacturer in North America”.
In 2018, Novacap, a Canadian private-equity firm, acquired an interest in Noble, with the intent of acquiring other contract manufacturers of bars in North America.
Following the Betty Lou’s deal, co-packing activities will continue uninterrupted at the McMinnville facility while all products manufactured under the Betty Lou’s array of brands will be made at a new facility located in the same town under the continued ownership of Betty Lou Carrier, the founder.
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Lee Shulkin, president of Noble Foods Nutrition, said: “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.”
Carrier said: “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.
“Noble Foods has been doing 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.”
Antoine Casimir, principal, industries at Novacap, said: “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.
“We firmly believe that Noble Foods 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.”