Novolex Completes Acquisition of Heritage Bag Company
Novolex has officially acquired Heritage Bag Company (HBC), a manufacturer of plastic can liners and other packaging products based in Roanoke, Texas. News of the looming transaction broke last month.
HBC is Novolex’s fifth acquisition since Wind Point Partners acquired Novolex (formerly Hilex Poly) in 2012 in partnership with chairman and CEO Stan Bikulege. With the addition of HBC, Novolex is now a $2.3 billion revenue company with over 6,000 employees and 43 manufacturing locations in North America, including two world-class recycling facilities.
“Joining Novolex will allow Heritage and its employees to continue to prosper and grow,” says Carl Allen, CEO of HBC. “It is an ideal fit. Novolex’s leadership is very much aligned with our principles at Heritage. (It is) committed to employees’ welfare as well as to the communities where they live and work. That’s very important to me and thus was an essential requirement for the transaction.”
Adds Bikulege: “We are excited about the addition of the Heritage employees to the Novolex family. This acquisition is very important to our future. The HBC team and products are a great fit for Novolex that will allow us to integrate our existing can liner business with the HBC team. We are bringing aboard an outstanding legacy built by Carl Allen and his team, which includes nearly 800 dedicated employees and their families as well as established relationships with excellent distribution partners and customers.”
Novolex’s previous acquisitions include Wisconsin Film & Bag (October 2015), Packaging Dynamics (December 2014), Duro Bag (July 2014) and a portion of Clondalkin Group’s North American Flexible Packaging Division (April 2013).