Apollo (NYSE: APO) and Novolex Holdings LLC (Novolex or the Company), a leading global manufacturer of diverse packaging products for the foodservice, delivery and carryout, food processor and industrial markets, have announced that funds managed by Apollo affiliates (the Apollo Funds) have entered into a definitive agreement to acquire the majority of the Company from funds managed by Carlyle (NASDAQ: CG). Carlyle will retain a minority stake in the Company. Financial terms were not disclosed.

Latham & Watkins LLP represents Novolex and Carlyle in the transaction with a corporate deal team led by Chicago partner Shaun Hartley and Washington, D.C. partner Daniel Lennon, with associates Brad Guest and Brad Johnson. Advice was also provided on tax matters by New York partner David Raab and on benefits and compensation matters by Washington, D.C. partner David Della Rocca. Hartley and Lennon represented Carlyle in its acquisition of Novolex in 2016