Apollo Global Management Completes Acquisition of a Majority Stake in Novolex Holdings LLC

Apr 14, 2022 By MarketDepth

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Apollo Global Management, Inc. (NYSE: APO) announced Thursday that funds managed by Apollo affiliates have completed the acquisition of a majority stake in Novolex Holdings LLC, 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.

“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.”

Stan Bikulege, Novolex Chairman and CEO

The financing for the acquisition includes the largest-ever sustainability-linked loan issued to date. Additional financial terms of the transaction were not disclosed.

“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.”

Rob Seminara, Partner at Apollo

“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.”