Plastic packaging products manufacturer Berry Global has agreed to sell its Specialty Tapes business to private equity firm Nautic Partners for approximately $540 million.
The pending divestment was announced about a week after news broke that Berry will be sold to fellow plastic packaging maker Amcor in a deal valued at $8.43 billion.
Berry said it plans to use the proceeds from the transaction to reduce its debt. The company’s pro forma debt as of Sept. 30 was about $5.9 billion.
“Over the past year, Berry has undergone a significant transformation, completing the spin-off of our HHNF business, enhancing our product mix and optimizing our portfolio,” Berry CEO Kevin Kwilinski said in a Nov. 25 news release. “The sale of Tapes further supports these efforts and the continued focus on our high-growth consumer portfolio.”
Provident, RI-based Nauctic Partners is a middle-market private equity firm. The firm has completed over 155 platform transactions throughout its 38-year history.
The transaction is expected to close by the first half of 2025, pending customary closing conditions.
The post Berry Global to Divest Tapes Unit Ahead of Sale to Nautic Partners appeared first on Modern Distribution Management.