The world's largest maker of synthetic corks, Nomacorc LLC, is getting a new ownership group that includes the founder and chairman of the business.
Private equity firm Bespoke Capital Partners is teaming with company founder Marc Noël to buy out Summit Partners, which originally invested in the Zebulon, N.C.-based company in 2007.
Bespoke and Noël Group now control Nomacorc in a deal that also recapitalizes the company.
“Bespoke's experience, strong track record and deep domain expertise in the wine industry will support the Company's infrastructure for growth and help drive global expansion. Bespoke's model is very attractive to entrepreneurs like myself who are looking for a thoughtful partner,” Noël said in a statement.
The Palm Beach, Fla.-based private equity firm formed last year and previously made another investment in 24 Hour Fitness in May.
Summit Partners, based in Boston, first invested in Nomacorc in 2007, indicating it was attracted to the company due to its market leadership, management and growth prospects. The company then was making more than a billion synthetic wine closures a year, according to a Plastics News story at the time.
Production now exceeds 2 billion PE wine closures annually, according to the company.
Nomacorc sells its closures in countries around the world including France, Germany and the United States. They provide what the company calls “predictable oxygen management and protect against off-flavors due to oxidation, reduction or cork taint.”
“Nomacorc has developed a leading market share in the overall wine closure sector with an attractive financial profile. The Company's culture of technical expertise, ability to tailor products to customer requirements, product reliability and exceptional cost management are key contributors to its success, and clearly differentiate Nomacorc's operations from other closure businesses,” said Robert L. Berner III, Bespoke co-managing partner, in a statement.