Private credit funds are in talks to provide up to $2.5bn in financing for the sale of US packaging firm Trivium Packaging, which was formed in 2019 through a merger of Ardagh Group’s food and specialty packaging business and Exal Corp, according to a report by Bloomberg citing people with knowledge of the matter.
Exal Corp was backed by Ontario Teachers’ Pension Plan Board, a current shareholder of Trivium alongside Ardagh.
The report cites unnamed sources in confirming that the potential financing package would include tranches denominated in both dollars and euros, though there is no certainty that a sale, which could bring in more than $3.5bn, will happen, with previous discussions of a deal taking place in 2021.
Houlihan Lokey and Kirkland & Ellis are acting as advisers.
Trivium produces metal packaging products across food, beauty and home care, and generates EBITDA of just under $500m.
