Funds managed by affiliates of Apollo have acquired a majority stake in US-based sustainable packaging provider Novolex.

The stake was acquired from funds managed by Carlyle Group following a definitive agreement reached between Apollo and Novolex in February.

Novolex serves the dine-in and to-go restaurant, grocery, retail, sanitation and janitorial, construction, food processing industries, as well as related sectors.

The company operates 57 manufacturing facilities in North America and Europe, employing more than 10,000 people.

Apollo partner Rob Seminara said: “We are pleased to have completed our investment in Novolex and are excited to partner to drive innovation and growth.

“Our shared commitment to driving a more sustainable future was integral to our investment in Novolex, and we look forward to working together to realise the company’s growth strategy while further strengthening its blue-chip customer base and suite of food packaging products.”

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Deutsche Bank, Evercore and Barclays served as financial advisers for Apollo Funds for the transaction while Credit Suisse Group and Goldman Sachs & Co acted as Novolex’s financial advisors.

The financial terms of the transaction have not been disclosed.

Novolex chairman and CEO Stan Bikulege said: “Partnering with Apollo is a milestone for the entire Novolex family.

“Our organisations share values and a vision for the future of the packaging industry, offering our customers choice, innovation and sustainability to support the circular economy.”

Private equity firm Carlyle will retain a minority stake in Novolex following the acquisition.

Carlyle managing director Wes Bieligk said: “Carlyle has been proud to be a part of the Novolex story.

“The company’s tremendous growth has been fueled by innovation and a commitment to sustainable operations and new product introductions.

“We look forward to continuing our relationship with Novolex in the years to come.”

Last July, Apollo Global Management agreed to purchase a 67% ownership stake in Italian recycled coated cartonboard manufacturer Reno De Medici (RDM).