Peakstone Advises Flexo Converters on Its Sale to Novolex, a Carlyle Group Portfolio Company

M&A Advisor

May 2021. Novolex®, an industry leader in packaging choice, innovation and sustainability, announced it has entered into a definitive agreement to acquire the business of Flexo Converters USA, Inc. and certain of its affiliates. The transaction is expected to close in the second quarter of 2021. Peakstone was exclusive financial advisor to Flexo on this transaction.

Flexo, a family-owned business headquartered in Meriden, CT, manufactures and distributes stock, custom and recycled paper bags and sacks. Flexo products will be sold under the Novolex Duro Bag® brand. The addition of Flexo products to the Duro portfolio of bags and sacks will enable Duro to immediately support customer demand through Flexo’s production capacity and proximity to customers.

Peakstone previously advised Duro Bag Company, a family-owned business headquartered in Florence, KY, on its sale to Novolex in 2014. At the time, Duro was the largest paper bag manufacturer in the United States.

“Flexo is an exciting addition to our company and we welcome the skilled and committed team to the Novolex family,” said Stan Bikulege, Chairman and CEO of Novolex. “Flexo’s strong reputation for high quality products, on-time delivery and value-added services will support us in pursuing future growth opportunities for our Duro business.”

“We are excited to join the Novolex family with its reputation of leadership and innovation in our industry, as well as its history of welcoming independent businesses and their employees to the integrated organization,” said Anik Patel, Flexo President & CEO. “Peakstone’s experienced packaging team did an excellent job navigating our family through the sale process. Their deep transaction and industry expertise enabled us to craft an ideal outcome with a world-class partner.”

Terms of the transaction were not disclosed.

For additional information please contact:

Eric Dziedzic, Managing Director, 312-346-7314,

Nick Clementi, Managing Director, 763-478-1777,

Stephen Sleigh, Managing Partner, 312-771-1471,

About Novolex

Novolex develops and manufactures diverse packaging products for multiple industries in the foodservice, delivery and carryout, food processor and industrial markets that touch nearly every aspect of daily life. The Novolex family of brands provides customers with innovative food and delivery packaging and performance solutions products for their business needs today while investing in research and development to engineer more sustainable choices for the future. With more than 10,000 employee families, Novolex operates 55 manufacturing facilities in North America and Europe, including two world-class plastic film recycling centers. Novolex is a portfolio company of The Carlyle Group, a leading global investment firm which acquired a majority of the company in December 2016. To learn more about Novolex, visit

About Peakstone

Peakstone is a leading investment bank that specializes in mergers and acquisitions, advisory, and capital raising for middle market clients. Our team is comprised of senior investment banking professionals who have decades of experience and have executed hundreds of transactions totaling billions of dollars. For additional information, visit To receive investment and proprietary acquisition opportunities, please register at