 "Carlyle Group buys packaging company Novolex")
The Carlyle Group has acquired Novolex, a provider of sustainable packaging solutions, from its owner Wind Point Partners and TPG Growth, minority shareholder. The transaction, terms of which were not disclosed, is expected to close before year-end.
“This is the next big step for Novolex and we could not be more pleased to join The Carlyle Group. We are deeply grateful to Wind Point Partners and TPG Growth for their steadfast support and leadership over the last four years. We would not be where we are today without them,” explained Stan Bikulege, chairman and CEO.
Novolex will retain its name and become one of the companies in the Carlyle portfolio of investments. There will be no interruption of its operations and the Novolex management team will remain in place.
“Novolex is a great company with strong market positions and long-standing customer relationships. We are excited to partner with Stan and the Novolex™ team to support the company’s growth initiatives,” said Wes Bieligk, a principal on Carlyle’s US Buyout team.
Alex Washington, managing director, Wind Point Partners, added, “Since we acquired Novolex in 2012, together we have achieved our value creation plan for Novolex by growing revenue from $ 500 million to over $ 2 billion and increasing profitability through new products, conversion cost reduction, and five transformative add-on acquisitions. This has been a great partnership and we wish all involved in this transaction continued success.”
Equity for this investment will come from Carlyle Partners VI, a $ 13 billion US buyout fund.
Novolex is one of North America’s leading players in packaging choice and sustainability serving retail, grocery, food service, hospitality, institutional and industrial markets. With the pending addition of Burrows’ packaging operations, the company has 7,000 employees and 49 manufacturing plants: 47 in North America, including two world-class plastic recycling facilities, and one each in Europe and China. Headquartered in Hartsville, South Carolina (USA), the company’s brands include Hilex Poly, Fortune Plastics, Novolex Custom Film & Bag, Duro Bag, Bagcraft, De Luxe, General Packaging, International Converter, and Heritage Bag.
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