Private equity firm Summit Partners has invested an undisclosed amount in North Carolina-based Noël Group, a manufacturer of synthetic wine closures.
Kevin Mohan, a general partner in Summit’s Boston office, said the private equity firm was attracted to Nomacorc in part due to outstanding growth prospects in the synthetic wine closure market.
“We have seen outstanding growth in our market and our business since we founded Nomacorc in 1999,” Nomacorc founder and Noël Group chairman Marc Noël said in a statement. “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.”
Allison Steltzner, national sales director for Napa Valley winery Steltzner Vineyards, says her family uses synthetic closures for some its wines, but notes the practise is more common in New Zealand, South America, South Africa and Australia. “Synthetics are becoming popular due to the cost effectiveness versus natural cork, their ability to enhance packaging and their resistance to cork taint in wines,” she says.
Marc Noël will remain Nomacorc’s board chairman, Summit’s Mohan and Jason Glass, a vice president with Summit, will join the board.
Summit Partners was founded in 1984 and has offices in Boston, Palo Alto, and London. Its past investments in the consumer products sector include B&W Loudspeakers, Physicians Formula, Tivoli Audio, and Web Reservations International.