Novolex, a producer of packaging solutions for the food and other industries, has announced it has acquired Edinburgh, U.K- based Vegware, an international provider of compostable foodservice packaging.
The company said in a statement announcing the acquisition that the Vegware brand will remain intact as part of Novolex's Eco-Products portfolio of brands. As Vegware’s products are complementary to Novolex’ Eco-Products line, the acquisition cut two ways: by broadening Eco-Products' presence in Europe and by giving Vegware additional access to the North American market. Vegware’s teams in both the U.K. and U.S. are included in the acquisition.
Since its founding in 2006, by Joe Frankel, Vegware has seen demand soar for its cups, cutlery, tableware and takeout packaging made from renewably-sourced plant-based materials that are designed to be commercially composted with food. Vegware’s products are currently sold in over 70 countries.
"Vegware has been committed to quality, performance and design for over 15 years," said Frankel, managing director of Vegware.
The company’s acquisition by Novolex will allow Vegware to expand the distribution of quality compostable products and waste management initiatives to its customers across the globe, he added.
Novolex is a portfolio company of The Carlyle Group, a leading alternative asset management group with $260 billion in assets, spanning three business segments and 437 investment vehicles.
The Novolex family of brands provides customers with innovative food and delivery packaging and performance solutions 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 57 manufacturing facilities in North America and Europe, including two world-class plastic film recycling centres.