Berry Global to sell Specialty Tapes business for US$540M 

Berry Global is selling its Specialty Tapes business to the private equity firm Nautic Partners for approximately US$540 million, subject to several closing adjustments. According to the company, the tapes business is a highly valued franchise that bolsters its growth strategy amid the recently announced Amcor acquisition.

Berry plans to use proceeds from the transaction to pay down its outstanding debt. Berry’s pro forma net debt as of September 30, 2024 was approximately US$5.9 billion (3.5x LTM net leverage), when adjusted for the cash distribution received in November 2024 on close of Berry’s Health, Hygiene and Specialties Global Nonwovens and Films business spin-off, and the net cash proceeds expected on the sale of Tapes, totaling US$1.3 billion. 

The transaction is expected to be completed by the first half of calendar 2025, subject to customary closing conditions.

Last week, Amcor announced it will be acquiring Berry Global in an all-share merger for US$8.43 billion. 

Berry CEO Kevin Kwilinski says, “Over the past year, Berry has undergone a significant transformation, completing the spin-off of our HHNF business, enhancing our product mix and optimizing our portfolio. The sale of Tapes further supports these efforts and the continued focus on our high-growth consumer portfolio.”