M&A Deal Summary

Apollo Global Management and The Carlyle Group Acquire Novolex

On February 14, 2022, asset manager Apollo Global Management and private equity firm The Carlyle Group acquired packaging company Novolex from The Carlyle Group

Acquisition Highlights
  • This is Apollo Global Management’s 3rd and The Carlyle Group’s 6th transaction in the Packaging sector.
  • This is Apollo Global Management’s 85th and The Carlyle Group’s 343rd transaction in the United States.
  • This is Apollo Global Management’s 1st and The Carlyle Group’s 4th transaction in South Carolina.

M&A Deal Summary
Date 2022-02-14
Target Novolex
Sector Packaging
Buyer(s) Apollo Global Management
The Carlyle Group
Sellers(s) The Carlyle Group
Deal Type Secondary Buyout
Advisor(s) Credit Suisse Investment Banking
Goldman Sachs (Financial)
Latham & Watkins
Nelson Mullins Riley & Scarborough (Legal)

Target

Novolex

Hartsville, South Carolina, United States
Novolex is a manufacturer of paper and plastic flexible packaging products. Novolex serves customers across foodservice, grocery, retail, and industrial end markets with a diverse product portfolio including retail and specialty bags, food packaging products, and a broad range of specialty films and laminated products. Novolex was founded in 2003 and is headquartered in Hartsville, South Carolina.

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Buyer(S) 2

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.

DEAL STATS #
Overall 119 of 140
Sector (Packaging) 3 of 3
Type (Secondary Buyout) 25 of 30
State (South Carolina) 1 of 1
Country (United States) 85 of 101
Year (2022) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-31 Care Fertility

Nottingham, United Kingdom

Care Fertility is a fertility services provider. The company operates nine CARE branded clinics and 13 satellite facilities providing extensive coverage across the UK and the Republic of Ireland. Care Fertility was founded in 1997 and is based in Nottingham. United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-23 Tenneco

Lake Forest, Illinois, United States

Tenneco is a designer, manufacturer and marketer of clean air and ride performance products and systems for the automotive and commercial vehicle original equipment markets. Tenneco was founded in 1996 and is based in Lake Forest, Illinois.

Buy $7.1B
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.

DEAL STATS #
Overall 717 of 744
Sector (Packaging) 6 of 7
Type (Secondary Buyout) 122 of 130
State (South Carolina) 4 of 4
Country (United States) 343 of 349
Year (2022) 2 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-08 shopware

Schöppingen, Germany

shopware is a digital commerce software solutions provider that is highly flexible and has a rich set of features, supporting complex B2C, D2C, B2B, and services-driven business models. shopware was founded in 2000 and is headquartered in Schöppingen, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-11 Dainese

Molvena, Italy

Dainese is protection equipment and apparel retailer for motorcycling and other dynamic sports. The company owns three powerful brands (Dainese, AGV, and TCX) synonymous with innovation and technical excellence. Dainese was formed in 1972 and is based in Molvena, Italy.

Buy -

Seller(S) 1

SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.

DEAL STATS #
Overall 441 of 480
Sector (Packaging) 5 of 5
Type (Secondary Buyout) 99 of 117
State (South Carolina) 2 of 2
Country (United States) 243 of 259
Year (2022) 3 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-08 shopware

Schöppingen, Germany

shopware is a digital commerce software solutions provider that is highly flexible and has a rich set of features, supporting complex B2C, D2C, B2B, and services-driven business models. shopware was founded in 2000 and is headquartered in Schöppingen, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-11 Dainese

Molvena, Italy

Dainese is protection equipment and apparel retailer for motorcycling and other dynamic sports. The company owns three powerful brands (Dainese, AGV, and TCX) synonymous with innovation and technical excellence. Dainese was formed in 1972 and is based in Molvena, Italy.

Buy -
Mergr

Product

Company

Legal