Wind Point Partners, majority owner, and TPG Growth, minority shareholder, today announced the sale of Novolex™, a world leader in packaging choice and sustainability, to The Carlyle Group. Terms of the agreement have not been disclosed. The transaction is expected to close before year-end.

“This is the next big step for Novolex™ and we could not be more pleased to join The Carlyle Group,” explained Stan Bikulege, Chairman and CEO. “We are deeply grateful to Wind Point Partners and TPG Growth for their steadfast support and leadership over the last four years. We would not be where we are today without them.”

Novolex™ will retain its name and become one of the companies in the Carlyle portfolio of investments.  There will be no interruption of its operations and the Novolex™ management team will remain in place.

“Novolex™ is a great company with strong market positions and long-standing customer relationships,” said Wes Bieligk, a Principal on Carlyle’s U.S. Buyout team. “We are excited to partner with Stan and the Novolex™ team to support the company’s growth initiatives.”

Of the decision to sell Novolex™ to Carlyle, Alex Washington, Managing Director, Wind Point Partners, said, “Since we acquired Novolex™ in 2012, together we have achieved our value creation plan for Novolex™ by growing revenue from $500 million to over $2.0 billion and increasing profitability through  new products, conversion cost reduction, and five transformative add-on acquisitions. This has been a great partnership and we wish all involved in this transaction continued success.”

TPG Growth Partner Ransom Langford added, “Novolex™ has built a great business, and TPG Growth is thrilled to have worked alongside Stan and his management team to support the Company’s evolution.”

Equity for this investment will come from Carlyle Partners VI, a $13 billion U.S. buyout fund.

 

Source : carlyle.com

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