EMPWR Nutrition Group, the Belgium-based manufacturer of protein bars, has acquired Noble Foods, a Quebec-based nutritional bar manufacturer with two production sites in Montreal and Oregon. The terms of the deal were not disclosed.
The move to acquire Noble Foods started in autumn 2021, when EMPWR was looking to set-up local manufacturing in North America to support growth in the region. EMPWR is backed by Waterland Private Equity.
“The nutritional bar market is growing fast. In North America, it’s a $ 5 billion industry with a positive further growth outlook as more and more consumers consciously choose a convenient and healthier lifestyle. Together, our companies will become an even stronger manufacturing partner with a broad product portfolio and excellent growth opportunities on both continents,” said Lee Shulkin, co-founder and president, Noble Foods.
“The broader product portfolio and capabilities will support our customers in their journey to bring products to consumers looking for alternatives to high sugar confectionary—the so-called ‘better-for-you products,’” said Peter Denolf, CEO, EMPWR. “The acquisition brings us a step closer to realizing our ambition to be the market leader in this segment. The shared vision of raising the bar will be what bonds our two companies together.”
The combined EMPWR and Noble Foods group have more than 450 employees.
