RALEIGH, N.C. & BOSTON--(BUSINESS WIRE)--North Carolina-based Noël Group, a global leader in the transformation of synthetic materials, today announced that Summit Partners, a private equity and venture capital firm that has raised nearly $9 billion in capital since 1984, has invested in Nomacorc LLC, a Noël Group subsidiary and the world’s leading manufacturer of synthetic wine closures. This investment will support Nomacorc in its continued global growth.
“We have seen outstanding growth in our market and our business since we founded Nomacorc in 1999,” said Nomacorc founder and Noël Group Chairman Marc Noël. “The continued fast pace of the synthetic wine closure market and the current global opportunities available led us to seek a new financial partner to enable Nomacorc to take full advantage of its growth potential.”
The management team of Noël Group selected Summit Partners for this alliance because of the private equity firm’s success, strength, and style. “Summit Partners has a wonderful history of success in its support of growing, entrepreneurial businesses,” explained Noël. “I believe that Summit is the right partner to help us pursue the many growth opportunities ahead for Nomacorc.”
“Summit Partners is excited to be partnering with the management teams of Noël Group and Nomacorc,” said Kevin Mohan, a General Partner in Summit Partners’ Boston office. “We were attracted to the Nomacorc opportunity because of the company’s market leadership position, quality management team, and outstanding growth prospects.”
“The management of Nomacorc is thrilled to have Summit Partners involved with the company,” said Lars von Kantzow, Nomacorc’s Chief Executive Officer. “We are very comfortable with Summit, their entire team, and their overall business approach. They believe in our marketplace and our strategy; and they are interested in supporting Nomacorc in our mission to provide long-term value for our customers.”
Noël Group will remain as actively involved in the management of Nomacorc as in the past. Marc Noël will remain Chairman of Nomacorc’s Board of Directors, which will be expanded to include Kevin Mohan and Jason Glass, a Vice President with Summit Partners.
About Nomacorc
Nomacorc LLC (www.nomacorc.com), the worldwide leader in the growing synthetic wine closures segment, is part of the Noël Group family of companies. Since its start up in 1999, Nomacorc’s innovative products have catapulted the company to the position of industry leader with a volume well in excess of 1 billion closures per year. The company’s portfolio of products are manufactured with patented co-extrusion technology that provides consistent, predictable oxygen management. As a result, Nomacorc has been chosen to protect billions of bottles of the world’s most recognized wines worldwide. Manufacturing in the US and Belgium, Nomacorc associates strive to provide the highest level of service to customers on six continents. The company employs approximately 400 personnel.
About Noël Group
Noël Group, LLC (www.noelgroup.net) is a privately-owned industrial holding company located in Wake Forest, NC. The company’s mission is to invest in, lead and strategically manage manufacturing companies that specialize in the transformation of engineered synthetic materials. Noël Group is guided by a passion to create new markets, foster innovation and achieve market leadership. The Group operates a variety of manufacturing companies in the US and Europe, including Nomacorc, Nomaco, Spongex LLC, Nomaco Insulation, Nomaco K-Flex, Focal Point Architectural Products and Jyco Europe. Together, these companies employ more than 1,000 associates.
About Summit Partners
Summit Partners (www.summitpartners.com) is a private equity firm with offices in Boston, Palo Alto, and London. Formed in 1984, the firm has raised nearly $9 billion in capital in its private equity, venture capital, and subordinated debt funds. Summit has provided growth equity, recapitalization, and management buyout financing to more than 290 companies, which have completed nearly 125 public offerings and in excess of 105 strategic mergers or sales.
Summit Partners seeks outstanding management teams that have self-financed their companies to profitability and market leadership in a broad range of growth industries. Notable Summit investments in the consumer products sector include B&W Loudspeakers, DEDON GmbH, Mo Industries, Physicians Formula, Tivoli Audio, Vente-Privee.com, and Web Reservations International.
The business of Summit Partners in the UK is regulated by the Financial Services Authority. Summit Partners Limited is registered in England and Wales. The registered number is 4141197, and the registered office is located at 20–22 Bedford Row in London, WC1R 4JS, UK. In the US, Summit Partners operates as an SEC-registered investment advisor. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.
