Noble Foods, a Canadian nutrition and energy bar manufacturer, has received backing from local private-equity firm Novacap.

The PE firm described Pointe-Claire, Québec-based Noble, which acts as a contract manufacturer, as being "renowned for high-quality innovative products". It said 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 and all 100 employees will be retrained.

Financial and stake percentage details relating to the deal have not been disclosed.

Novacap said it plans to invest in the company's growth to help it expand into new markets.

Antoine Casimir, principal, industries, at Novacap, 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."

Lee Shulkin, president of Noble Foods, 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 done with the support of Investissement Québec.