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.
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