ACON Investments LLC has acquired Oak Brook, Illinois-based Novipax, a producer of absorbent pads for fresh meat and poultry packaging. No financial terms were disclosed.
WASHINGTON, Dec. 1, 2020 /PRNewswire/ — ACON Investments, L.L.C. and its affiliates (“ACON”) announced the acquisition of Novipax (“Novipax” or the “Company” ), a market leader in food packaging primarily focused on absorbent pads for fresh meat and poultry packaging in the Unites States. Headquartered in Oak Brook, Illinois, Novipax has a long history serving some of the largest protein processors, tray manufacturers, distributors and grocery chains through its four manufacturing facilities in Pennsylvania, North Carolina, Mississippi and California. As part of the transaction, the management team of Novipax will be shareholders alongside ACON.
Keith Schroeder, CEO of Novipax, said, “Our team is excited to partner with ACON to leverage their experience and relationships across our core and adjacent markets and beyond. We are further excited about ACON’s plan to invest in our manufacturing facilities, sustainable materials and our growth as we continue to create new and innovative products and find ways to better serve both existing and new customers.”
“Novipax’s national presence, exceptional product quality and focus on customer service have made it a leader in its category. We are excited to partner with Keith and team to help drive the next chapter of Novipax’s growth,” said Suma Kulkarni, Partner at ACON.
“We believe Novipax is at an inflection point and look forward to bringing to bear ACON’s expertise and resources to help it grow in this exciting new phase as a standalone absorbent pads-focused business. Novipax will be able to leverage what ACON can bring to the table as well as the Company’s 50+ year history as a leader in absorbents technology to continue to innovate and develop its suite of solutions,” added Ken Brotman, a Founding Partner of ACON.
Terms of the transaction were not disclosed.
Novipax is the largest producer of absorbent pads for fresh meat and poultry packaging in the U.S. In addition to conventional pads products, the Company produces a wide array of specialty products with qualities such as enhanced absorbency, shelf-life extension, theft sensor technology, odor reduction and temperature resistance. For more information, please visit www.novipax.com.
About ACON Investments
ACON Investments, L.L.C., headquartered in Washington, DC, is an international private equity firm investing in North America, Latin America and Europe. Founded in 1996, ACON has raised approximately $5.6 billion of capital to date and has professionals in Washington, DC, Los Angeles, Mexico City, São Paulo and Bogotá. For more information, visit www.aconinvestments.com.