Acquisition to Fuel Novolex Growth with the Addition of Complementary Product Lines and Expansion of Sustainable Packaging Products
Charlotte, NC, May 4, 2018 – Novolex, a portfolio company of The Carlyle Group and an industry leader in packaging choice and sustainability, today announced it will acquire The Waddington Group from Newell Brands, Inc. The transaction is expected to close in approximately 60 days.
Headquartered in Covington, Ky., The Waddington Group is a global manufacturer and marketer of packaging and disposables serving the foodservice, bakery, deli, produce and confectionery markets. Novolex is a leading provider of packaging solutions serving retail, grocery, food service, hospitality, institutional and industrial markets.
“We are excited to add The Waddington Group to the Novolex family of businesses,” said Stan Bikulege, Chairman and CEO of Novolex. “This is a period of strategic growth and development at Novolex. Adding rigid plastic food packaging and an expanded range of sustainable packaging products have been key strategic priorities, and The Waddington Group has long been our top acquisition target. The company brings Novolex world-class product innovation, long-term customer relationships, and, most importantly, adds to our talented and dedicated team. We are excited to have Waddington CEO John Wurzburger and his team join the Novolex family.”
The Waddington Group has a footprint that includes 16 sites in the U.S., Canada, Ireland, The Netherlands and the U.K., and approximately 3,000 employees worldwide. “The Waddington Group is a great fit for Novolex. The company has a strong track record of developing innovative packaging solutions and, like Novolex, is a market leader in sustainability,” Stan added.
The acquisition of The Waddington Group is Novolex’s eighth since 2012. Previous Novolex acquisitions include Shields Bag & Printing (January 2018), Burrows Packaging (December 2016), Heritage Bag (April 2016), Wisconsin Film & Bag (September 2015), Packaging Dynamics (December 2014), Duro Bag (July 2014) and a portion of Clondalkin Group’s North American Flexible Packaging Division (April 2013).
“The Novolex team and our financial partners have brought together a select group of great businesses – all leaders in their respective product categories – into the Novolex family. The companies that have joined our family are investing, growing and performing well,” Stan noted. “We are grateful for the support of The Carlyle Group as we take this big step with The Waddington Group.”
“Novolex and The Carlyle Group have forged a strong partnership,” said Wes Bieligk, Principal, The Carlyle Group. “This acquisition illustrates our meaningful commitment to Novolex’s growth plans. We have great confidence in Stan and his team.”
With the addition of The Waddington Group, Novolex will have approximately 10,000 team members and 62 manufacturing plants worldwide.
Equity for the acquisition will come from Carlyle Partners VI, a $13 billion U.S. buyout fund.