Flexible packaging firm Novolex to be put up for sale

21 June 2015 (Last Updated June 21st, 2015 18:30)

Flexible packaging specialist Novolex will be reportedly put up for sale by private equity firm Wind Point Partners, in a deal that could value the packaging firm at $1.75bn.

Flexible packaging specialist Novolex will be reportedly put up for sale by private equity firm Wind Point Partners, in a deal that could value the packaging firm at $1.75bn.

Deutsche Bank and Macquarie Group have been selected by Wind Point Partners to hold the auction, Reuters reported, citing people familiar with the matter.

"Deutsche Bank and Macquarie Group have been selected by Wind Point Partners to hold the auction."

Headquartered in the US, Novolex employs more than 5,000 people across 31 facilities in the US, as well as three in Canada and one in Mexico.

The company offers paper bags and plastic grocery bags under various brands, including Bagcraft Packaging, Pac Paper, De Luxe Packaging, International Converter and General Packaging Products.

Formerly known as Hilex Poly, Novolex was acquired by Wind Point Partners in 2012 from TPG Growth for an undisclosed sum.

Last year, Novolex acquired food packaging producer Packaging Dynamics from buyout firm Kohlberg for $570m.

This was the third acquisition by Novolex, which earlier acquired portions of the North American Flexible Packaging division of Amsterdam-based Clondalkin Group in 2013, and Duro Bag Manufacturing Company.