Home Economy Economic Activity Nautic Partners to acquire specialty tapes business for $450M

Nautic Partners to acquire specialty tapes business for $450M

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PBN Staff

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12/03/2024

1452534131_9890-5 (1) — NAUTIC PARTNERS LLC, a private equity firm that specializes in health care, has entered an agreement to purchase the specialty tapes business from Berry Global Group Inc. for approximately $450 million.

PROVIDENCE – Nautic Partners LLC, a private equity firm based in the city that specializes in health care, is buying the specialty tapes business from Berry Global Group Inc. for approximately $450 million. Based in Franklin Ky., Berry Global Group is a leading manufacturer of pressure sensitive tapes (specialty, foil, film and duct) and adhesives.

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PROVIDENCE – Nautic Partners LLC, a private equity firm based in the city that specializes in health care, is buying the specialty tapes business from Berry Global Group Inc. for approximately $450 million. Based in Franklin Ky., Berry Global Group is a leading manufacturer of pressure sensitive tapes (specialty, foil, film and duct) and adhesives. It provides its specialty tapes and adhesives products to top customers serving the HVAC, building and construction, industrial, retail, medical, aerospace, automotive and other specialty industries. The company, with a facility in Bristol, offers more than 500 distinct product families to its diverse base of more than 1,500 customers. “We are thrilled to partner with the tapes management team in the company’s next phase of growth,” said Sean Wieland, managing director at Nautic. “The tapes business provides a strong value proposition to its customers rooted in technical expertise and high levels of service. We believe the company has significant runway to grow and expand with its customers and look forward to supporting these efforts.” The transaction is subject to customary regulatory approval and is expected to close by the first quarter of 2025. Berry Global Group plans to use proceeds from the transaction to pay down outstanding debt at Berry. Adjusted for both the cash distribution received in November 2024 on close of Berry’s Health, Hygiene and Specialties Global Nonwovens and Films business spinoff, and the net cash proceeds expected on the sale of the tapes business, totaling $1.3 billion, Berry’s pro forma net debt as of Sept. 30 was approximately $5.9 billion. On Oct 24, Nautic Partners LLC reported in its filing with the Securities and Exchange Commission that it raised $4.5 billion for its 11th fund – Nautic Partners XI. The company said Fund XI was oversubscribed at its hard cap of $4.5 billion of limited partner commitments, surpassing its target of $3.75 billion. The limited partners of fund XI, Nautic’s largest fund to date, include a globally diverse base of leading institutions, including public and private pension plans, insurers, health systems, fund of funds, family offices, financial institutions, endowments and foundations.