(Bloomberg) -- Platinum Equity is in talks to buy Trivium Packaging NV for more than $3.5 billion, people with knowledge of the matter said.
The Los Angeles-based buyout firm, which has outlasted other suitors, is trying to finalize a deal with owners Ontario Teachers’ Pension Plan Board and Ardagh Group SA in the coming weeks, according to the people, who asked not to be identified discussing confidential negotiations.
Rival bidder Sonoco Products Co. dropped from the Trivium auction after it agreed to buy European food can manufacturer Eviosys for about $3.9 billion in June, the people said. Other private equity firms had also shown interest, they said.
Deliberations are ongoing and there’s no certainty that an agreement will be reached. Ardagh and OTPP explored a sale of Trivium in 2021, only to abandon the effort, the people said at the time. They revived the plans to sell the business earlier this year, Bloomberg News reported in January.
Representatives for Ardagh, OTPP, Platinum and Sonoco declined to comment.
Trivium produces metal packaging products for sectors including food, beauty and home care covering products from tuna cans and hairspray bottles to paint and disinfectant spray.
The Netherlands-based company generates annual revenue of about $3.1 billion and has nearly 7,500 employees at 60 locations around the globe, according to its website. The company was formed in 2019 through the merger of OTPP-backed Exal Corp. and Ardagh’s food and specialty packaging business.
--With assistance from Ryan Gould.
(Updates with Sonoco’s response in fifth paragraph.)
©2024 Bloomberg L.P.
