Apollo announced that funds managed by Apollo affiliates (the “Apollo Funds”) have completed the acquisition of a majority stake in Novolex Holdings LLC (“Novolex” or the “Company”), a global manufacturer of diverse and sustainable packaging products for the foodservice, delivery and carryout, food processor and industrial markets, from funds managed by Carlyle. Carlyle will retain a minority stake in the Company.
The financing for the acquisition includes the largest-ever sustainability-linked loan issued to date. Additional financial terms of the transaction were not disclosed.
Stan Bikulege, Novolex chairman and CEO, says, “Partnering with Apollo is a milestone for the entire Novolex family. Our organizations share values and a vision for the future of the packaging industry, offering our customers choice, innovation and sustainability to support the circular economy. Our ability to access sustainability-linked financing reflects our ongoing commitment to advance a range of ESG initiatives.”
Rob Seminara, partner at Apollo, says, “We are pleased to have completed our investment in Novolex and are excited to partner to drive innovation and growth. Our shared commitment to driving a more sustainable future was integral to our investment in Novolex, and we look forward to working together to realize the Company’s growth strategy, while further strengthening its blue-chip customer base and suite of food packaging products.”