Secondary Buyout • Packaging

Apollo Global Management, The Carlyle Group and CPP Investments Acquire Novolex

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

Acquisition Context
  • This is Apollo Global Management’s 3rd, The Carlyle Group’s 6th and CPP Investments’ 3rd transaction in the Packaging sector.
  • This is Apollo Global Management’s 85th, The Carlyle Group’s 343rd and CPP Investments’ 64th transaction in the United States.
  • This is Apollo Global Management’s 7th, The Carlyle Group’s 15th and CPP Investments’ 3rd transaction in North Carolina.

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M&A Deal Summary

Date February 14, 2022
Target Novolex
Sector Packaging
Buyer(s) Apollo Global Management
The Carlyle Group
CPP Investments
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 Company

Novolex

Charlotte, North 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 Charlotte, North Carolina.
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Buyers Overview 3

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B 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 Context for Buyer #
Overall 119 of 152
Sector: Packaging 3 of 3
Type: Secondary Buyout 25 of 39
State: North Carolina 7 of 7
Country: United States 85 of 108
Year: 2022 1 of 10
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

Northville, Michigan, 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 Northville, Michigan.

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 Context for Buyer #
Overall 719 of 750
Sector: Packaging 6 of 7
Type: Secondary Buyout 122 of 130
State: North Carolina 15 of 15
Country: United States 343 of 350
Year: 2022 2 of 14
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 -
Buyer
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


Deal Context for Buyer #
Overall 129 of 176
Sector: Packaging 3 of 5
Type: Secondary Buyout 31 of 46
State: North Carolina 3 of 3
Country: United States 64 of 82
Year: 2022 3 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 Razer

Irvine, California, United States

Razer is a provider of connected devices and software for gamers. Razer was established in 2005 and is headquartered in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-01 CINIC

Shanghai, China

CINIC is a supplier of high performance pigments (HPPs) in the global market. CINIC was founded in 2003 and is based in Shanghai, China.

Buy -

Seller Profile 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 Context for Seller #
Overall 441 of 490
Sector: Packaging 5 of 5
Type: Secondary Buyout 98 of 119
State: North Carolina 11 of 12
Country: United States 242 of 261
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 -