Platinum Equity eyes Trivium Packaging acquisition for a sum exceeding $3.5 billion

Platinum Equity, a Los Angeles-based private equity firm, is reportedly in negotiations to acquire Trivium Packaging for over $3.5 billion, according to Bloomberg sources familiar with the matter. The firm is working to finalise an agreement with Trivium's current owners, the Ontario Teachers' Pension Plan (OTPP) Board and Ardagh Group, within the coming weeks, the sources, who requested anonymity, revealed.

While talks are ongoing, the deal is not yet guaranteed. Ardagh and OTPP had previously explored selling Trivium in 2021 but decided against it. In June, packaging company Sonoco withdrew from the bidding to acquire Trivium Packaging after signing a deal to purchase European food can manufacturer Eviosys for around $3.9 billion. According to media reports, representatives from Ardagh, OTPP, Platinum Equity, and Sonoco have declined to comment on the ongoing discussions.

Headquartered in the Netherlands, Trivium Packaging is a global leader in producing aluminium and other metal packaging solutions, serving a variety of sectors, including beauty and personal care, pharmaceuticals, food and beverages, home care, industrial, and nutrition. The company was formed in 2019 through the merger of Exal, backed by OTPP, and Ardagh's food and speciality packaging division. Trivium employs approximately 7,500 people across 60 locations worldwide.

For the first six months ending June 30, 2024, Trivium reported revenue of $1.39 billion, down from $1.52 billion during the same period the previous year. In June, the company published its 2023 Sustainability Report, highlighting its efforts to reduce environmental impact and advance eco-friendly practices across its operations.