GE Antares Capital Finances NOVOLEX Acquisition Of Packaging Dynamics Corp.

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 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.”