Apollo completed the acquisition of a majority stake in Novolex Holdings from Carlyle for $6bn.

Apollo, an alternative asset manager, completed the acquisition of a majority stake in Novolex Holdings, a manufacturer of diverse packaging products, from Carlyle, a private equity firm, for $6bn. "We are pleased to invest in Novolex, a high-quality, resilient business with a loyal, long-term customer base. The Company has a strong management team and is poised to capitalize on growth across food delivery and e-commerce as well as increasing demand for environmentally responsible and compostable products. Importantly, Novolex shares our commitment to sustainability. We look forward to working alongside Stan Bikulege and the rest of the talented management team to create significant value for customers and our investors," Rob Seminara, Apollo Partner.