Nautic Partners Expands Portfolio with Specialty Tapes Acquisition
Deal News | Nov 26, 2024 | Nautic
Nautic Partners, a prominent private equity firm, has announced a definitive agreement to acquire the Specialty Tapes business from Berry Global Group, Inc., a multinational corporation listed on the New York Stock Exchange (NYSE: BERY). The transaction involves Tapes, a leading manufacturer of pressure-sensitive tapes and adhesives based in Franklin, KY, with additional facilities in Riverhead, NY, and Bristol, RI. Tapes serves a wide range of industries, including HVAC, automotive, and aerospace, with over 1,500 specialty SKUs across more than 500 product families. Sean Wieland, Managing Director at Nautic, expressed excitement about partnering with Tapes' management team, emphasizing the firm's technical expertise and customer service. Nautic plans to integrate Tapes into its specialty materials portfolio. Fielding Jenks, Senior Vice President at Nautic, highlighted the business's growth potential and the support Nautic intends to provide in the carve-out process. Legal counsel for Nautic in the transaction is McDermott Will & Emery LLP, while Santander acts as the financial advisor, and MidCap Financial leads the financing. Berry Global received advice from Goldman Sachs and Bryan Cave Leighton Paisner LLP. The deal is pending customary regulatory approvals and is expected to close by the first quarter of 2025.
Sectors
- Manufacturing
- Private Equity
- Industrial Goods
Geography
- United States – The companies involved are based in the USA, with operations in states like Kentucky, New York, and Rhode Island.
Industry
- Manufacturing – Relevant as the article discusses the acquisition of a manufacturing business specializing in pressure-sensitive tapes and adhesives.
- Private Equity – Nautic Partners is the acquiring private equity firm, which highlights the involvement of the private equity industry in the deal.
- Industrial Goods – The products of Tapes serve industries such as automotive, aerospace, and construction, aligning with the industrial goods sector.
Financials
- – The financial terms of the transaction were not disclosed in the article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Nautic Partners, LLC | Bidding Company | Company | A private equity firm acquiring the Specialty Tapes business. |
| Berry Global Group, Inc. | Selling Company | Company | The parent company of the Specialty Tapes business being acquired. |
| Tapes | Target Company | Company | A manufacturer of pressure-sensitive tapes and adhesives being acquired by Nautic Partners. |
| Sean Wieland | Managing Director | Person | A Managing Director at Nautic Partners who commented on the acquisition. |
| Fielding Jenks | Senior Vice President | Person | A Senior Vice President at Nautic Partners who commented on the acquisition. |
| McDermott Will & Emery LLP | Legal Advisor | Company | The law firm providing legal counsel to Nautic in the acquisition. |
| Santander | Financial Advisor | Company | The financial advisor to Nautic Partners for this transaction. |
| MidCap Financial | Financier | Company | Led the financing for the transaction. |
| Goldman Sachs | Financial Advisor | Company | Financial advisor to Berry Global for the transaction. |
| Bryan Cave Leighton Paisner LLP | Legal Advisor | Company | Legal advisor to Berry Global for the transaction. |