HARTSVILLE, SC — Novolex, a provider of packaging choice, innovation and sustainability, announced Monday 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 within the next 60 days.
Flexo is a manufacturer of stock, custom and recycled paper bags and sacks. It is headquartered and has a manufacturing facility in Meriden, CT and an additional plant in Monroe, GA. Flexo's eligible full-time employees are expected to join Novolex.
Flexo products will be sold under the Novolex Duro Bag brand. The addition of Flexo products to the Novolex portfolio will enable Duro to support customer demand through Flexo's production capacity. Novolex has seen a significant increase in demand for paper bags as consumer purchasing patterns have shifted.
"Flexo is an exciting addition to our company, and we welcome the skilled and committed 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 us in pursuing future growth opportunities for all of Novolex."
Paul Frantz, President of the Food & Delivery segment of Novolex, added: "Flexo is a great fit at the perfect time because Flexo allows Novolex to support the increasing demand from our foodservice and grocery customers for take-out and delivery packaging."
A family-owned business, Flexo was founded in 1994 in Meriden, CT. Its Monroe, GA facility opened in 2016.
"Creating quality products and meeting customer demands has been part of the Flexo story since our family started in the industry 40 years ago," said Anik Patel, Vice President Operations & COO at Flexo. "We are excited to join the Novolex family with its reputation of leadership and innovation in our industry, as well as its history of welcoming independent businesses and their employees to the integrated organization."
Novolex is a portfolio company of The Carlyle Group, a global investment firm that acquired a majority of the company in December 2016.
Novolex develops and manufactures diverse packaging products for multiple industries in the foodservice, delivery and carryout, food processor and industrial markets that touch nearly every aspect of daily life. The Novolex family of brands provides customers with innovative food and delivery packaging and performance solutions products for their business needs today while investing in research and development to engineer more sustainable choices for the future. With more than 10,000 employee families, Novolex operates 55 manufacturing facilities in North America and Europe, including two world-class plastic film recycling centers.