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Caryle Group buys bag maker Lintec buys Ohio-based
Novolex Mactac Americas
Bag maker and recycler Novolex is being acquired by Tokyo-based Lintec Corp. has purchased Mactac
Carlyle Group, a private investment group for an Americas LLC to increase its presence in North
undisclosed amount, sold by two private investment firms. America and to complement its
Hartsville, South Carolina -based Novolex, had made a film-based labels production.
series of acquisitions in the past four years under ownership Sumio Morimoto, executive
by Wind Point Partners and TPG Group. Sales have grown officer and general manager
of the printing and variable
from $500 information products
million to more operations, said buying Stow,
than $2 billion Ohio-based Mactac follows on previous acquisitions
since 2012 at focused on Asia and Europe. “Lintec is convinced that
Novolex, which full-scale entry into the North American market for
has acquired a adhesive papers and films for printing and proactive
litany of companies in recent years, including Fortune development of its original products using its own
Plastics, Heritage Bag and Wisconsin Film & Bag. Wind technological development capabilities through
Point started the investment with its 2012 purchase of Mactac will contribute significantly to the acceleration
Hilex Poly and later changed the name of the company of the … core business of the group,” Morimoto said.
to Novolex. Mactac’s private equity owner, Platinum Equity,
valued the deal at $375 million. It has operations in
Along with a deep involvement in plastic bags, the the United States, Canada and Mexico. Its products
company also makes paper-based packaging. Novolex has are used in industries including label printing, graphic
a broad range of customers for its plastic bags, including design, packaging, digital imaging, retail display, fleet
the retail, grocery, food service, hospitality, institutional graphics, assembly engineering, automotive assembly
and industrial markets, the company said. The company and medical device assembly. Lintec said Mactac,
also operates two plastic film recycling facilities in the which was founded in 1959, has annual sales of $304
United States, including a site in North Vernon, Ind., that million and posted operating income of $26 million
the company holds out as the world’s first and largest for the year ended Dec. 31, 2015. "While Lintec has
closed-loop plastic bag recycling and manufacturing strength in film-based products, the main products of
plant. “Novolex is a great company with strong market Mactac are paper-based," Morimoto said. "In addition,
positions and long-standing customer relationships,” said Mactac has unique technology for formulating hot-
Wes Bieligk, a principal on Carlyle’s U.S. buyout team, in melt adhesives, which Lintec does not have, as well
a statement. as high-speed coating facilities. Given these features,
we believe that future synergies are very promising."
Novolex CEO Stan Bikulege, who remains with the
company, said in a statement that the deal is “the next Mactac president Ed LaForge credited operational
big step for Novolex. ... We are deeply grateful to Wind support from Platinum Equity and the strong
Point Partners and TPG Growth for their steadfast support commitment of Mactac’s employees for driving the
and leadership over the last four years. We would not be turnaround. “We have achieved remarkable success
where we are today without them.” Novolex has grown to thanks to a lot of hard work from our employees and
become the seventh largest film and sheet maker in North a strong partnership with Platinum Equity. LaForge
America, according the latest Plastics News rankings, with believes Mactac and Lintec are a great fit going
estimated annual sales of $1.2 billion. All of the company’s forward.
sales are from film. Overall company sales are estimated
at $2.3 billion.
• December 2016 • Plastics News 74
