Carlyle Group acquires Novolex

Plastic bag maker and recycler Novolex has been purchased by The Carlyle Group investment firm for an undisclosed amount.

Hartsville, S.C.-based Novolex is being sold by its co-owners, Windpoint Partners, a Chicago-based private equity firm, and private equity firm TPG Growth, headquartered in Fort Worth, Tex.

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, The Carlyle Group said in a statement.

“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 billion and increasing profitability through new products, conversion cost reduction and five transformative add-on acquisitions,” said Alex Washington, Wind Point Partners’ managing director. “This has been a great partnership and we wish all involved in this transaction continued success.”

Novolex has made a series of purchases in recent years, including  Fortune Plastics, Heritage Bag, and Wisconsin Film & Bag. Brands operating under the Novolex name now include Hilex Poly, Fortune Plastics, Duro Bag, Bagcraft Packaging, De Luxe Packaging, General Packaging Products, International Converter, Novolex Custom Film & Bag (formerly AccuTech, Direct Plastics and Hilex Poly Garland) and Heritage Bag.

The transaction is expected to close before year-end.