Apollo Funds Complete Acquisition of Majority Stake in Novolex
April 13 2022 - 4:15PM
Apollo (NYSE: APO) today 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 leading global manufacturer of diverse and
sustainable packaging products for the foodservice, delivery and
carryout, food processor and industrial markets, from funds managed
by Carlyle (NASDAQ: CG). 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, said, “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, said, “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.”
“Carlyle has been proud to be a part of the Novolex story,” said
Wes Bieligk, Managing Director at Carlyle. “The company’s
tremendous growth has been fueled by innovation and a commitment to
sustainable operations and new product introductions. We look
forward to continuing our relationship with Novolex in the years to
come.”
Deutsche Bank (NYSE: DB), Evercore (NYSE: EVR), and Barclays
(NYSE: BCS) acted as financial advisors and Paul, Weiss, Rifkind,
Wharton & Garrison LLP served as counsel to the Apollo
Funds.
Credit Suisse Group (NYSE: CS) and Goldman Sachs & Co. LLC.
(NYSE: GS) acted as financial advisors and Latham & Watkins LLP
and Nelson Mullins Riley & Scarborough LLP served as counsel to
Novolex.
About ApolloApollo is a global, high-growth
alternative asset manager. In our asset management business, we
seek to provide our clients excess return at every point along the
risk-reward spectrum from investment grade to private equity with a
focus on three business strategies: yield, hybrid, and equity. For
more than three decades, our investing expertise across our fully
integrated platform has served the financial return needs of our
clients and provided businesses with innovative capital solutions
for growth. Through Athene, our retirement services business, we
specialize in helping clients achieve financial security by
providing a suite of retirement savings products and acting as a
solutions provider to institutions. Our patient, creative, and
knowledgeable approach to investing aligns our clients, businesses
we invest in, our employees, and the communities we impact, to
expand opportunity and achieve positive outcomes. As
of December 31, 2021, Apollo had approximately $498
billion of assets under management. To learn more, please
visit www.apollo.com.
About NovolexNovolex develops and manufactures
diverse packaging products for multiple industries in the
foodservice, delivery and carryout, food processor and industrial
markets that touch nearly every aspect of daily life. The Novolex
family of brands provides customers with innovative food and
delivery packaging and performance solutions products for their
business needs today while investing in research and development to
engineer more sustainable choices for the future. With more than
10,000 employee families, Novolex operates 57 manufacturing
facilities in North America and Europe, including two world-class
plastic film recycling centers. To learn more about Novolex
visit www.novolex.com.
Contact Information:
Apollo For Investors:Noah GunnGlobal Head of
Investor Relations(212) 822-0540IR@apollo.com
For Media:Joanna RoseGlobal Head of Corporate
Communications(212) 822-0491Communications@apollo.com
NovolexFor Media:Phil
Rozenski1-800-845-6051media@novolex.com
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