Novolex Acquisition, Valuation, Funding & Investors

Novolex was acquired by Apollo Global Management for $6B in February 2022, a 1.7x multiple on $3.5B of revenue.

Novolex acquisition price

$6B

Acquired by Apollo Global Management · Feb 2022

Novolex revenue at acquisition

$3.5B

Last twelve months · Feb 2022

Novolex revenue multiple at acquisition

1.7x

EV/Revenue · Feb 2022

Cumulative funding Novolex raised

$1B

across 1 funding round

Novolex Overview

About Novolex

Novolex is a packaging manufacturer serving foodservice, delivery and carryout, grocery, food processor, retail and industrial customers. It makes plastic and paper bags, films, food containers, cups, cutlery and other disposable foodservice packaging, together with compostable and reusable products. Its brands include Hilex Poly, Duro Bag, Bagcraft, Eco-Products, Vegware, Waddington and Polar Pak, and it runs plastic film recycling centers alongside its converting plants. The business grew out of Hilex Poly, a plastic bag maker that took the Novolex name as it combined with other packaging companies. It has been led by chairman and chief executive Stan Bikulege, and it is headquartered in Charlotte, North Carolina. Novolex earns revenue from product sales to distributors, restaurants, grocers, food producers and industrial buyers. It has grown mainly through acquisitions of packaging businesses under the private equity sponsors that owned it.


Founded

2003

HQ

United StatesCharlotte

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$4.1B (Dec 2024)

Valuation

$6B (acquired Feb 2022)

Novolex Acquisition

Novolex was acquired by Apollo Global Management for $6B on 14 February 2022.

The acquisition price implies a 1.7x revenue multiple on $3.5B of revenue.

Before the acquisition Novolex had raised $1B across 1 funding round.

Apollo Global Management completed its acquisition of a majority stake in Novolex Holdings LLC from Carlyle in April 2022 for $6 billion, with Carlyle retaining a minority stake. Novolex is a leading global manufacturer of diverse and sustainable packaging products serving foodservice, delivery and carryout, food processor, and industrial markets. The company operates 57 manufacturing plants across North America and Europe with approximately 10,000 employees and owns multiple recognized brands including Hilex, Duro, Bagcraft, Polar Pak, Shields, Waddington, and others. The transaction was announced February 14, 2022, and completed in April 2022. Apollo structured the financing with the largest-ever sustainability-linked loan issued to date, reflecting both companies' shared commitment to environmental, social and governance (ESG) initiatives and the circular economy. The deal also represented a significant milestone for Novolex, which had nearly doubled in size under Carlyle's ownership since 2016. Apollo cited Novolex's high-quality business model, loyal long-term customer base, strong management team led by Chairman and CEO Stan Bikulege, and significant growth opportunities in food delivery, e-commerce, and environmentally responsible packaging as key investment rationales.

Novolex acquisition details
AcquirerDateTypePriceEV/Revenue
14 Feb 2022PE buyout$6B1.7x

Sources: apollo.com, news.bloomberglaw.com, k-online.com

Novolex Revenue

Novolex's latest recorded revenue is $4.1B, as of its undisclosed-stage round in December 2024.

Novolex revenue by funding round

Novolex revenue and valuation multiple by funding round
DateRevenue *Stage
Dec 2024$4.1BUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Novolex Funding History

Novolex has raised a total of $1B across 1 funding round.

Novolex funding rounds

Novolex funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2024Undisclosed stageCPP Investments$1BCPP Investments agreed to contribute approximately USD 1 billion to Novolex and become a significant minority shareholder in the post-merger company, in a transaction announced on December 9, 2024. The capital supported Novolex's agreement to acquire Pactiv Evergreen for USD 18.00 per share in an all-cash transaction valued at about USD 6.7 billion including net debt. Funds managed by affiliates of Apollo, the majority shareholder of Novolex since 2022, also supported the transaction. Novolex completed the combination with Pactiv Evergreen on April 1, 2025, and CPP Investments later reported that it had invested approximately USD 1 billion for a significant minority interest in Novolex to support the combination. The combination brought together two packaging businesses with complementary substrate offerings and a broad manufacturing footprint across foodservice, food and beverage and specialty packaging. Novolex is a Charlotte-based packaging manufacturer led by chairman and chief executive Stan Bikulege, and its brands include Hilex Poly, Duro Bag, Bagcraft and Eco-Products.

Who has invested in Novolex?

1 investor has backed Novolex across its funding rounds, including CPP Investments.


Novolex Investors

Investors in Novolex by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Novolex

Novolex has acquired 14 companies to date.

Last acquisition by Novolex was on December 9th 2024. Novolex acquired Pactiv Evergreen for $6.7B.


Latest Acquisitions by Novolex

Pactiv Evergreen
American Twisting Company
Vegware
Flexo Converters USA
Description
Pactiv Evergreen is a North American manufacturer of fresh foodservice and food merchandising products and fresh beverage cartons. It was formed in 2020 through the combination of Pactiv and Evergreen Packaging, both previously owned by Reynolds Group Holdings, and listed on Nasdaq under the symbol PTVE the same year. Its products include foam, plastic, aluminum, pressed-paperboard and molded-fiber packaging for restaurants, grocers and food processors, and paperboard cartons for milk and juice. Customers are foodservice distributors, grocery and food-processing companies and beverage producers. It earned revenue from product sales. Novolex, an Apollo-owned company, acquired it in 2025 and took it private.
American Twisting Company is a manufacturer of twisted paper cords, wire forms, and decorative metal components for crafts and packaging industries. Located in Ashley, Ohio, the company produces custom twisted cords in diameters from 1/16 to 1 inch using materials like cotton, nylon, and metallic yarns. It supplies retailers such as Michaels and Hobby Lobby with products for holiday decorations, garlands, and floral arrangements. Founded in 1923, American Twisting operates a 50,000-square-foot facility and exports to markets in Europe and Asia.
Vegware is an Edinburgh-headquartered manufacturer of compostable foodservice packaging made from plants. Its range exceeds 1,000 products including cups, plates, and containers from cornstarch and sugarcane, sold in over 100 countries with commercial composting certification.
Flexo Converters USA is a Meriden, Connecticut-headquartered manufacturer of paper shopping bags since 1994. Its 185,000-square-foot facility produces custom and stock retail bags in various colors, sizes, and handles for grocery, apparel, and gift sectors. The company supplies major U.S. retailers through adjacent distribution centers, emphasizing recycled content and flat-pack designs.
HQ CountryUnited StatesUnited StatesUnited KingdomUnited States
HQ City
Chicago, IL
South Haven, MI
Edinburgh
New Haven, CT
Deal Date9 Dec 20244 Sep 20249 Aug 20211 Jul 2021
Valuation$6.7Bundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Novolex

Novolex has invested in 1 company to date.

Latest investment by Novolex was on April 30th 2024. Novolex invested in OZZI in their Strategic investment round.


Latest Investments by Novolex

OZZI
Description
OZZI is a Rhode Island company that makes reusable takeout containers and the systems used to collect and return them. Its products include O2GO containers, cups and cutlery, Drop N'Go collection systems, an automated collection machine and a kitchen collection of racks and baskets for washing and storing returned items. The containers carry barcodes so that returns can be tracked and tied to campus meal plan systems. The company serves closed-system dining environments such as colleges and universities, corporate campuses, military bases and hospitals. OZZI was founded in 2014 by Tom Wright, who serves as chief executive. It earns revenue from selling containers and collection equipment to dining operators and food service contractors.
HQ CountryUnited States
HQ City
North Kingstown
Deal Date30 Apr 2024
RoundStrategic investment
Raisedundisclosed
Investors-
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Novolex Competitors

Novolex competitors include listed companies like Valmet, Dai Nippon Printing, ShenZhen YUTO Packaging and SIG Group, and private ones like Loscam and TBM.

Public and private companies comparable to Novolex
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ValmetFinlandFinlandPublicly listed$5.8B$723M$6B1.2x
Dai Nippon PrintingJapanJapanPublicly listed$9.6B$1.3B$6.9B0.7x
ShenZhen YUTO PackagingChinaChinaPublicly listed$2.6B$430M$5.2B2.0x
SIG GroupSwitzerlandSwitzerlandPublicly listed$3.6B$445M$7.1B2.6x
LoscamHong KongHong KongPrivate--$1.7B-
TBMJapanTokyoPrivate--$1.2B-

Novolex Public Comps

Novolex is no longer listed, but its public comps include Valmet, ShenZhen YUTO Packaging, Dai Nippon Printing, Reynolds, Sonoco, SIG Group, Silgan Holdings, Supreme Industries, SRF and Toyo Seikan.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Valmet$5.8B$723M1.2x1.2x10.1x9.0x
ShenZhen YUTO Packaging$2.6B$430M2.1x2.0x12.8x12.0x
Dai Nippon Printing$9.6B$1.3B0.7x0.7x5.4x6.7x
Reynolds$3.7B$612M1.8x1.8x10.9x10.0x
Sonoco$7.5B$1.5B1.2x1.3x6.3x7.6x
SIG Group$3.6B$445M2.6x2.6x21.4x10.4x
Silgan Holdings$6.5B$917M1.3x1.3x9.3x8.5x
Supreme Industries$1.2B$177M3.5x3.1x23.7x22.3x

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Common questions about Novolex

When was Novolex founded?Novolex was founded in 2003.
Where is Novolex headquartered?Novolex is headquartered in Charlotte, United States.
Is Novolex publicly listed?No, Novolex was acquired by Apollo Global Management in February 2022.
Who acquired Novolex?Novolex was acquired by Apollo Global Management in February 2022.
How much was Novolex acquired for?Novolex was acquired for $6B in February 2022, a 1.7x revenue multiple.
How much funding has Novolex raised?Novolex has raised $1B across 1 funding round.
What was Novolex's last funding round?Novolex's last funding round was a $1B undisclosed-stage round in December 2024.
Who are Novolex's investors?Novolex's investors include CPP Investments.
What is Novolex's revenue?Novolex's latest recorded revenue is $4.1B (December 2024).
Which companies are comparable to Novolex?Companies comparable to Novolex include Valmet, Dai Nippon Printing, ShenZhen YUTO Packaging, SIG Group, Loscam and TBM.
How many companies has Novolex acquired?Novolex has acquired 14 companies, including Pactiv Evergreen, American Twisting Company, Vegware, Flexo Converters USA and B&H Bag.
What was the largest acquisition by Novolex?The $6.7B acquisition of Pactiv Evergreen in December 2024 is the largest acquisition Novolex has made to date.
How many companies has Novolex invested in?Novolex has invested in 1 company, including OZZI.
What was Novolex's last investment?In April 2024, Novolex invested in OZZI's strategic investment round.

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