The proceeds from the transaction are earmarked for reducing Berry’s outstanding debt. Credit: T. Schneider via Shutterstock.

Berry Global Group has signed a definitive agreement to sell its speciality tapes business to private equity company Nautic Partners for a headline purchase price of approximately $540m.

This move is in line with Berry’s strategy to shift its portfolio towards consumer-oriented end markets for more consistent and higher growth.

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The proceeds from this transaction are earmarked for reducing Berry’s outstanding debt.

After accounting for the cash distribution from the spin-off of its Health, Hygiene and Specialties Global Nonwovens and Films (HHNF) business and the expected net cash proceeds from the sale of the Tapes segment, Berry’s pro forma net debt as of 30 September 2024 stood at approximately $5.9bn.

The transaction is expected to be finalised in the first half (H1) of 2025, pending standard closing conditions.

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

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Goldman Sachs is acting as Berry’s exclusive financial advisor, with Bryan Cave Leighton Paisner providing legal counsel.

Meanwhile, Nautic’s legal advice is being handled by McDermott, Will & Emery while Santander is the exclusive financial advisor.

Earlier this month, Berry also revealed plans to merge with Amcor in an all-stock deal, aiming to create a global powerhouse in consumer and healthcare packaging solutions.