NEW YORK — Asset management specialist Apollo has purchased a majority stake in Novolex Holdings LLC, a leading manufacturer of sustainable packaging.
The financing for the acquisition includes the largest-ever sustainability-linked loan issued to date, according to Apollo.
“Partnering with Apollo is a milestone for the entire Novolex family,” said Stan Bikulege, Novolex’s chairman and CEO. “Our organizations share values and a vision for the future of the packaging industry, offering our customers choice, innovation and sustainability to support the circular economy. Our ability to access sustainability-linked financing reflects our ongoing commitment to advance a range of ESG initiatives.”
Rob Seminara, an Apollo partner, said his firm is excited to partner with Novolex 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 realize the Company’s growth strategy, while further strengthening its blue-chip customer base and suite of food packaging products.”