Buyout firm Carlyle Group is in talks to buy packaging company Novolex for a price that could exceed $2.5 billion, according to people familiar with the matter.

Novolex is owned by another private equity firm, Wind Point Partners. Novolex's products include plastic bags and paper shopping bags used in grocery stores, retail shops and elsewhere in the food services industry. Wind Point bought Novolex for an undisclosed price in 2012 when it was called Hilex Poly.