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GE Antares Capital Finances NOVOLEX Acquisition of Packaging Dynamics Corp. - GE Antares announced it is serving as administrative agent on the $1.005 billion first lien portion of a $1.3 billion senior credit facility to support the acquisition of Packaging Dynamics Corporation by NOVOLEX - NOVOLEX.com / GEAntares.com
GE Antares Capital Finances NOVOLEX Acquisition of Packaging Dynamics Corp.

 

NewswireToday - /newswire/ - Chicago, IL, United States, 2014/12/10 - GE Antares announced it is serving as administrative agent on the $1.005 billion first lien portion of a $1.3 billion senior credit facility to support the acquisition of Packaging Dynamics Corporation by NOVOLEX - NOVOLEX.com / GEAntares.com. NYSE: GE

   
 
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GE Antares, a unit of GE Capital, announced today it is serving as administrative agent on the $1.005 billion first lien portion of a $1.3 billion senior credit facility to support the acquisition of Packaging Dynamics Corporation by NOVOLEX, a Wind Point Partners portfolio company. GE Capital Markets served as joint lead arranger and joint bookrunner on the entire $1.3 billion facility.

NOVOLEX is a leading bag and specialty packaging company formerly operating under the Duro Bag, Fortune Plastics, and Hilex Poly brands. Packaging Dynamics, headquartered in Chicago, manufactures flexible, paper-based food packaging products including specialty bags, sheets and wraps, interfolded tissue, pan liners and freezer/butcher paper products, as well as laminated foil products. The newly combined company has 35 manufacturing locations in North America, and a plastics recycling facility.

“GE Antares has been a highly responsive and reliable financing partner for us as we’ve grown the NOVOLEX platform over the last few years,” said Alex Washington, managing director at Wind Point Partners.

“NOVOLEX has made three successful, diversifying acquisitions since we started working with them in 2012,” said Mike Hynes, a managing director with GE Antares. “We’re pleased to continue to support Wind Point and the NOVOLEX team’s vision to build the market leader in flexible packaging.”

About NOVOLEX

NOVOLEX (novolex.com), based in Hartsville, S.C., is an industry leading manufacturer of paper and plastic flexible packaging products, ranging from bags for grocery, retail and food service markets, to can liners and specialty films. In addition to the manufacturing locations across the U.S., Canada and Mexico, the Company operates the largest closed-loop recycling facility in the U.S. NOVOLEX’s award winning Bag-2-Bag recycling program was the first closed-loop recycling program to introduce plastic bag and film recycling programs at supermarkets and retailers that also provides customers with high recycled content shopping bags.

About Packaging Dynamics
Packaging Dynamics (pkdy.com) is a leading flexible packaging and specialty laminations company providing innovative solutions to customers in each of its five businesses BagcraftPapercon, Internal Converter, De Luxe, Pac Paper and General Packaging.

About Wind Point Partners
Wind Point Partners (windpointpartners.com) is a private equity investment firm that partners with top caliber CEOs to acquire middle market businesses where we can establish a clear path to value creation. Since our founding in 1984, we have raised over $2.8 billion in commitments.

About GE Antares Capital
GE Antares (geantares.com) is a unit of GE Capital. With offices in Atlanta, Chicago, Los Angeles, Toronto, New York, and San Francisco, GE Antares is a leading middle market lender, offering a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors. GE Antares was recognized by Private Debt Investor and Private Equity International as 2013 Lender of the Year, North America and Mid-Cap Lender of the Year, North America, respectively.

GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services.

GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works.

 
 
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Written by / Agency / Source: General Electric Company

 
 

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GE Antares Capital Finances NOVOLEX Acquisition of Packaging Dynamics Corp.

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GE Antares Capital | NOVOLEX
Publisher Contact: Tara Lambropoulos - GE Capital Americas 
312-441-7854 / 312-802-9712 (mobile) Tara.Lambropoulos[.]ge.com
 
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