Novel serves more than 400 customers in various product segments including sports nutrition, herbs and botanicals, meal replacement, and specialty supplements.
The company is looking to expand into new sectors including cosmetics and food and beverage and plans to launch a new facility this year.
The deal marked the second investment form Gen’s second fund.
GenNx360 managing partner Monty Yort said, “(Chairman) Bob Green and his team have built a very impressive organization. We are delighted to have the opportunity to partner with Novel as the company embarks on the next phase of its strategy to grow its leadership position in the nutraceutical field while increasing its footprint in adjacent markets.”
Last month altAssets reported that GenNx360 secured a commitment of up to $25m from the $27bn Connecticut Retirement Plans & Trust Funds for its second fund.
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