Platinum Equity could buy Trivium for more than $3.5 billion, Bloomberg announced in recent days.
The Los Angeles-based private equity firm has outbid other bidders and is working to finalize the transaction with the current owners, Ontario Teachers’ Pension Plan Board (OTPP) and Ardagh Group SA, in the coming weeks.
Sonoco Products Co, a rival bidder, withdrew from the process after reaching an agreement in June to buy European food can maker Eviosys for about $3.9 billion, the sources disclosed. Several other private equity firms had also expressed interest in Trivium.
In any case, at the moment there is no guarantee that an agreement will be reached.
In 2021, OTPP and Ardagh explored the sale of Trivium, but ultimately abandoned the project.
However, they resumed the sales effort earlier this year, Bloomberg reported in January.
Spokesmen for Ardagh, OTPP, Platinum Equity and Sonoco declined to comment on the situation when contacted by Bloomberg.
Netherlands-based Trivium manufactures metal packaging for industries such as food, beauty and home care, producing items such as tuna cans, hairspray bottles, paints and disinfectant sprays.
The company generates about $3.1 billion in annual revenue and operates with a workforce of nearly 7,500 employees in 60 global locations. It was established in 2019 through the merger of OTPP-backed Exal Corp. and Ardagh’s food and specialty packaging division.
