NETHERLANDS – Los Angeles-based private equity firm Platinum Equity is in advanced talks to acquire Trivium Packaging in a deal valued at over US$3.5 billion, according to sources familiar with the matter.
The negotiations involve Trivium’s current owners, Ontario Teachers’ Pension Plan (OTPP) Board and Ardagh Group, and an agreement is expected in the coming weeks.
While ongoing discussions, sources caution that the deal is not yet final. Trivium’s owners had previously explored selling the company in 2021 but chose to hold off. As Bloomberg reported in January, they revisited their plans to sell earlier this year.
In June, packaging giant Sonoco exited the bidding process for Trivium after deciding to acquire European food can manufacturer Eviosys in a deal worth approximately US$3.9 billion.
Representatives from Ardagh, OTPP, Platinum Equity, and Sonoco declined to comment on the ongoing negotiations.
Headquartered in the Netherlands, Trivium Packaging is a global provider of rigid metal packaging solutions serving diverse industries, including beauty and personal care, pharmaceuticals, food and beverages, home care, industrial, and nutrition.
The company was established in 2019 following the merger of Exal, backed by OTPP, and Ardagh’s food and specialty packaging division.
Trivium employs around 7,500 people across 60 locations worldwide. For the first half of 2024, the company reported revenue of US$1.39 billion, down from US$1.52 billion during the same period the previous year.
Focus on sustainability and corporate responsibility
Trivium has been a leader in sustainability efforts, as highlighted in its 2023 Sustainability Report. The report underscores the company’s commitment to reducing its environmental impact through eco-conscious practices and industry partnerships.
“Sustainability is a fundamental pillar of our global operations and corporate ethos,” said Michael Mapes, CEO of Trivium Packaging.
The company has set ambitious carbon-reduction targets, validated by the Science Based Targets initiative (SBTi), aligning with the global goal of limiting warming to 1.5°C.
Trivium exceeded its 2023 target, achieving a 21% reduction in carbon emissions. The company is also committed to using 100% renewable energy by 2030, further demonstrating its dedication to reducing its environmental footprint.
These efforts earned Trivium a spot on the Carbon Disclosure Project’s (CDP) prestigious A List.
As Platinum Equity continues its pursuit of Trivium, the company’s strong focus on sustainability and corporate responsibility may add significant value to the acquisition, potentially positioning it as a leader in eco-friendly packaging solutions.
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