Platinum Equity, a private equity company based in Los Angeles, US, is in talks to acquire Trivium Packaging for a sum exceeding $3.5bn, reported Bloomberg, citing people familiar with the development.
The equity company is working towards finalising an agreement with Trivium’s current owners, the Ontario Teachers’ Pension Plan (OTPP) Board, and Ardagh Group in the coming weeks, the sources, who wish to stay anonymous, said.
The discussions are still in progress, and it is not yet certain that the deal will be concluded.
Ardagh and OTPP had previously considered selling Trivium in 2021 but later decided against it.
They resumed their intentions to sell earlier this year, according to a Bloomberg report in January.
In June, packaging company Sonoco dropped out of the race to acquire Trivium after it entered into an agreement to acquire European food can manufacturer Eviosys for approximately $3.9bn.
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By GlobalData
Representatives from Ardagh, OTPP, Platinum, and Sonoco have all chosen not to comment on the ongoing negotiations, reported the media outlet.
Trivium Packaging, headquartered in the Netherlands, is a global provider of rigid metal packaging solutions.
The company serves a wide range of sectors, including beauty and personal care, pharmaceuticals, food and beverages, home care, industrial, nutrition, and others.
It was established in 2019 after the merger of Exal, backed by OTPP, and Ardagh’s food and speciality packaging division.
The company boasts approximately 7,500 employees across 60 locations worldwide.
For the first six months ending 30 June 2024, Trivium reported revenue of $1.39bn, a decrease from the $1.52bn recorded during the same period in the previous financial year.
In June this year, the business released its 2023 Sustainability Report, showcasing progress in reducing its environmental impact and promoting eco-conscious practices throughout its operations.
Trivium produces metal packaging for variety of applications and industries. Credit: gresei/Shutterstock.
sources:
https://www.bloomberg.com/news/articles/2024-09-19/platinum-equity-said-in-talks-to-buy-packaging-maker-trivium
https://www.bnnbloomberg.ca/investing/2024/09/19/platinum-equity-in-talks-to-buy-packaging-maker-trivium/
https://www.triviumpackaging.com/media/d0phbpae/trivium-packaging-b-v-interim-report-to-bondholders-q2-2024.pdf
image: https://www.shutterstock.com/image-photo/metal-cans-on-white-background-2471081407
