Chicago, May 18, 2021 – PR Newswire/- Novolex®, an industry leader in packaging choices, innovation, and sustainability, announced that it has entered into a definitive agreement to acquire the business of Flexo Converters USA, Inc. and certain of its affiliates. The transaction is expected to close in the second quarter of 2021. Peakstone served as the exclusive financial advisor to Flexo.
Flexo is a family-owned business 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. Adding Flexo products to Duro's bag and sack portfolio will enable Duro to meet customer needs immediately through Flexo's production capabilities and proximity to customers.
Peakstone advised the sale of the Florence, Kentucky-based family business, Duro Bag Company, to Novolex in 2014. 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 strong reputation for high-quality products, on-time delivery, and value-added services will support our pursuit of future growth opportunities for the Duro business.”
“We are delighted to join the Novolex family with its reputation for industry leadership and innovation, as well as its history of welcoming independent businesses and their employees to this comprehensive organization,” said Anik Patel, President and CEO of Flexo. “Peakstone’s experienced packaging team provided outstanding service to our family throughout the sales process. Their deep transactional experience and industry expertise enabled us to achieve ideal results with world-class partners.”
Nick Clementi, Managing Director, 763-478-1777, [email protected] Stephen Sleigh, Managing Partner, 312-346-7318, [email protected]
About Novolex: Novolex develops and manufactures a diverse range of packaging products for multiple industries across food service, delivery and shipping, food processors, and industrial markets, covering virtually every aspect of daily life. The Novolex family of brands offers customers innovative food and packaging solutions and performance solutions to meet their current business needs, while investing in R&D to design more sustainable options for the future. Novolex employs more than 10,000 families and operates 55 manufacturing facilities in 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 Peakstone: Peakstone is a leading investment bank specializing in M&A, advisory, and financing services for mid-market clients. Our team comprises senior investment banking professionals with decades of experience who have executed hundreds of deals 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.
Post time: May-19-2021