With a continued strong market for plastic packaging mergers and acquisitions, the owner of the largest plastic bag recycling facility globally and a major producer of bag and film products is reportedly putting the company up for sale.
Wind Point Partners of Chicago, according to a Reuters report, has hired investment firms to consider the sale of Novolex, which includes the Hilex Poly brand.
Novolex also is a major player in paper bags, having acquired Duro Bag Manufacturing Co., the world's largest paper bag maker, just last year.
Wind Point acquired Hilex Poly in November 2012 and changed its plastic and packaging portfolio to the Novolex name late last year. The move retained branded product line names including Hilex Poly, Duro Bag and Fortune Plastics.
Fortune Plastics makes bin liners, food grade packaging and other institutional, retail and food service plastics.
The company operates the world's largest plastic bag recycling facility in North Vernon, Ind.
Reuters put the potential value of Novolex at about $1.75 billion, including debt.