Nautic Partners, LLC is pleased to announce that it has signed a definitive agreement to acquire the Specialty Tapes business (“Tapes”) from Berry Global Group, Inc., (“Berry”) (NYSE: BERY).
Based in Franklin, KY with additional facilities in Riverhead, NY and Bristol, RI, Tapes is a leading manufacturer of pressure sensitive tapes (specialty, foil, film, and duct) and adhesives. The Company offers more than 1,500 specialty SKUs across 500+ distinct product families to its diverse base of 1,500+ customers. The Company provides its specialty tapes and adhesives products to top customers serving the HVAC, Building & Construction, Industrial, Retail, Medical, Aerospace, Automotive, and other specialty industries.
Sean Wieland, Managing Director at Nautic, said, “We are thrilled to partner with the Tapes management team in the Company’s next phase of growth. 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. We are also excited to add another investment to our specialty materials portfolio within Nautic’s Industrials group.”
Fielding Jenks, Senior Vice President at Nautic, added, “Tapes is a unique business with an experienced team, a strong value proposition and meaningful growth potential. We are excited to support management in carving out the business and executing on the forward growth plan.”
McDermott Will & Emery LLP is serving as legal counsel to Nautic in the transaction, and Santander is serving as the exclusive financial advisor to Nautic. MidCap Financial led the financing for the transaction. Goldman Sachs and Bryan Cave Leighton Paisner LLP advised Berry.
The transaction is subject to customary regulatory approval and is expected to close by the first quarter of 2025.
