Apollo Funds to Acquire Majority Stake in Novolex
Apollo and Novolex Holdings LLC announced that funds managed by Apollo affiliates have entered into a definitive agreement to acquire the majority of the Company from funds managed by Carlyle. Carlyle will retain a minority stake in the Company. Financial terms were not disclosed. Novolex provides customers with packaging innovation, choice and sustainability. The Company manufactures products made with fiber, renewable, recycled and bio-based materials and resin that are designed to be recycled and composted. The Company is comprised of more than 10,000 employees worldwide and operates 57 manufacturing facilities in North America and Europe, including two world-class plastic recycling facilities. Customers include some of the world’s largest brands in the dine-in and to-go restaurant, grocery, retail, sanitation and janitorial, construction, food processing and related industries. With Apollo’s global resources and significant experience in the packaging sector, Novolex expects to strengthen its leadership position by expanding its blue-chip customer relationships through a shared commitment to sustainability and product innovation.