Private equity firm acquires majority stake in Novolex

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In South Carolina, private equity firm Apollo Funds says it has signed a definitive agreement to acquire a majority stake in Novolex Holdings LLC, which makes packaging from fiber, renewable, recycled and biobased materials and resins, from Carlyle. Financial terms were not disclosed. 

Carlyle will retain a minority stake in Novolex, which has more than 10,000 employees worldwide and operates 57 manufacturing facilities in North America and Europe. Novolex customers include the world’s largest brands in the dine-in and to-go restaurant, grocery, retail, sanitation and janitorial, construction, food processing and related industries. The deal is expected to close by the end of June. 

“[Novolex] has a strong management team and is poised to capitalize on growth across food delivery and e-commerce as well as increasing demand for environmentally responsible and compostable products,” says Rob Seminara, a partner at Apollo.