Peakstone advises on sale of Flexo Converters to Carlyle Group portfolio company Novolex

CHICAGO , May 18, 2021 /PRNewswire/ -- Novolex®, an industry leader in packaging options, innovation and sustainability, announced that it has entered into a definitive agreement to acquire Flexo Converters USA, Inc. and its operations of certain branches. The transaction is expected to close in the second quarter of 2021. Peakstone is Flexo's exclusive financial advisor. Flexo is a family-owned company headquartered in Meriden, Connecticut that manufactures and distributes stock, custom and recycled paper bags and sacks. Flexo products will be sold under the Novolex DuroBag® brand name. The addition of Flexo products to Duro's bag and sack product portfolio will enable Duro to immediately meet customer needs through Flexo's production capabilities and proximity to customers. Peakstone advised Duro Bag Company, a family-owned business based in Florence, Ky., on its 2014 sale to Novolex. At the time, Duro was the largest paper bag manufacturer in the United States. "Flexo is an exciting addition to our company and we welcome a highly skilled and dedicated team to the Novolex family," said Stan Bikulege, Chairman and CEO of Novolex. "Flexo's reputation for quality products, on-time delivery and value-added service This strong reputation will support us in pursuing future growth opportunities for the Duro business. "We are excited to join the Novolex family with its reputation for leadership and innovation in the industry and history of welcoming independent businesses and their employees into this comprehensive organization," said Anik Patel, President and CEO of Flexo. "Peakstone's experienced packaging team provided excellent service to our family throughout the sales process. Their deep transactional experience and industry expertise allowed us to achieve the ideal outcome with a world-class partner." Nick Clementi, Managing Director, 763-478-1777, [email protected] Stephen Sleigh, Managing Partner, 312-346-7318, [email protected] About Novolex Novolex serves food service, delivery and delivery, food processors and industry Various industries in the market develop and manufacture diverse packaging products that are involved in almost every aspect of daily life. The Novolex family of brands provides customers with innovative food and packaging and performance solutions products that meet their current business needs, while investing in research and development to design more sustainable options for the future. Novolex has a family of more than 10,000 employees and operates 55 manufacturing facilities across North America and Europe, including two world-class plastic film recycling centers. Novolex is a portfolio company of The Carlyle Group, a leading global investment firm, which acquired a majority stake in the company in December 2016. To learn more about Novolex, please visit www.Novolex.com. About PeakstonePeakstone is a leading investment bank specializing in mergers and acquisitions, advisory and financing services for middle market clients. Our team is comprised of senior investment banking professionals with decades of experience executing hundreds of transactions totaling billions of dollars. For more information, please visit www.peakstone.com. To access investment and proprietary acquisition opportunities, please register at www.peakzone.com.