Equity | Case Study

Novolex: Packaging Sustainable Solutions for a Better Future

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Partner, Head of Europe

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Operating Partner

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Partner, Head of Europe

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Operating Partner

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Novolex, a global leader in sustainable food packaging and one of the largest packaging companies in the U.S., partnered with Apollo Funds to drive transformative growth and advance its sustainability goals.

With support from Apollo Funds, Novolex focused on innovative solutions in energy efficiency and renewable energy. In December 2024, Novolex acquired Pactiv Evergreen in an all-cash transaction valued at $6.7 billion, enabling Novolex to offer additional packaging solutions and reinforcing its commitment to environmental stewardship. Beyond business growth, Apollo’s partnership fostered shared success for more than 10,000 employees, empowering them to contribute to a mission that's shaping a better future.

Apollo's deep industry expertise and hands-on approach are helping Novolex expand its impact, set new standards in sustainability, and create lasting value for all its stakeholders.

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Watch the video to learn how Apollo applied its expertise in the packaging industry to help Novolex drive the company forward.

Stan Bikulege, Chairman and CEO, Novolex: Novolex is a sustainable packaging company, and we produce thousands of products used mostly in food service, but also industrial markets, ag markets. 

Patrick Kearney, Principal, Private Equity: Novolex is one of the largest packaging players in the U.S. They supply a number of products that people use in everyday life.

Peter Sinensky, Partner, Private Equity: McDonalds, Kroger’s, Burger King, the full suite of kind of food delivery providers, quick service restaurants and grocery. Novolex is a company that we’ve tracked as a firm for almost a decade since its inception, actually. It really checked the box of everything we look for in a packaging company: sustainability orientation and exposure to the food and delivery end markets.

Stan Bikulege: The goals that we had at the time of the Apollo transaction was really driven on finding a partner that understood and wanted to be a part of our journey. Apollo has been in the packaging space for a long time, and so they knew it, they understood it. They brought to the table their organization, the APPS group, really to help drive value inside of our company.

In December 2024, Novolex acquired Pactiv Evergreen in an all-cash transaction valued at $6.7 billion, enabling Novolex to offer additional packaging solutions and a broad product platform with more than 250 brands and 39,000 SKUs.

Rob Seminara, Partner, Head of Europe: The Novolex acquisition of Pactiv is really transformative and created one of the largest packaging companies in the entire industry. We had the relationships to really drive that acquisition. We helped them raise the debt financing for the transaction.

Patrick Kearney: We’re really focused on continuing the great legacy that Stan and the team have built and furthering the growth profile, whether that’s from more rapidly growing product lineups, whether that’s from sustainability. 

Carletta Ooton, Operating Partner, Head of Responsible and Sustainable Operations for Equity: Many of the kinds of projects that Novolex is doing right now are around energy efficiency and renewable energy. Those are things that bring dollars to the bottom line. We were able to really uncover where there were significant energy efficiency opportunities, which is active decarbonization. 

Stan Bikulege: The success of the company is not me. It’s not one individual. It’s that team that every day is making products. Novolex’s broad-based employee award program is extremely important to me. The Apollo team was extremely supportive and very excited about making that happen. And so now, as we grow value, all family members share in that growth. I can’t tell you where we’ll be in 35 years, but I know that we’ll be a better company.


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