Eco-packaging firm Vegware acquired by Novolex
Compostable food packaging by Vegware
Vegware, an Edinburgh-based producer of compostable food packaging, has been acquired by Novolex, a US sustainability company.
Founded in 2006 by Joe Frankel, Vegware has operations in the UK, EU and the United States.
Its products are made with renewable, plant-based materials designed to be commercially composted with food waste. They are sold in more than 70 countries..
The Vegware brand will remain intact as part of Novolex’s Eco-Products portfolio of brands and will continue to sell its products under the Vegware label.
Stan Bikulege, chairman and CEO of Novolex, said: “Vegware is an excellent company and its addition to Novolex is an exciting step to growing our global compostable products footprint.”
Mr Frankel, Vegware managing director, said: “Vegware has been committed to quality, performance and design for over 15 years. Joining Novolex, with its exceptional resources and large footprint, will allow Vegware to expand distribution of quality compostable products and waste management initiatives to our customers across the globe.”
The addition of Vegware products will complement Eco-Products’ own product line that is made of renewable materials that can often be recycled and/or composted.
This partnership will broaden Eco-Products’ presence in Europe and give Vegware additional access to the North American market.
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.
EY was corporate finance adviser to the shareholders of Vegware.