Packaging giant Amcor has initiated exclusive negotiations to offload its waste management unit, ESE World, to an affiliate of private equity entity Pacific Avenue Capital Partners.
ESE makes plastic and steel waste containers in Europe, as well as provides related waste management services.
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The business records €300m ($350m) in annual revenue and supplies customers internationally from three plants in Neuruppin and Olpe in Germany, and Crissey in France.
If completed, the deal would see Pacific Avenue working with ESE’s current management on plans centred on operational changes, expansion into additional markets and selective follow-on acquisitions.
For Pacific Avenue, the proposed transaction would be its third deal in Europe, as well as its first investment on the continent through Fund II and its dedicated European sidecar.
Pacific Avenue Capital Partners managing director and Europe head Xavier Lambert said: “ESE is a high-quality business with a proven track record of product innovation and a strong, loyal customer base.
“Pacific Avenue is excited to partner with the ESE management team and reinvest in the business, both organically and through strategic add-on acquisitions. Building on a strong operational foundation, we see a significant opportunity to support ESE’s next phase of growth and long‑term value creation.”
The process still depends on the completion of the works council consultation. Once that is finished, the sale and purchase agreement may be signed.
The companies are aiming to complete the transaction in the second quarter of 2026, pending regulatory clearances and other standard closing requirements.
Pacific Avenue received advice from Willkie Farr & Gallagher, Accuracy and PwC.
Amcor was advised by Greenhill, a Mizuho affiliate, and Latham & Watkins.
