Berry Global Group, Inc., announced today it has entered into a definitive agreement to sell its Specialty Tapes business (“Tapes”) to the private-equity firm Nautic Partners LLC for approximately $540 million. The deal is expected to be complete by the first half of 2025.

The Tapes business is a franchise highly valued by its industrial customers. As a result, this separation is aligned with Berry’s broader strategy to transition the portfolio toward more consistent, higher-growth, consumer-oriented end markets and platforms. Berry plans to use proceeds from the transaction to pay down outstanding debt at Berry.

Berry CEO, Kevin Kwilinski, says, “Over the past year, Berry has undergone a significant transformation, completing the spin-off of our HHNF business, enhancing our product mix and optimizing our portfolio. The sale of Tapes further supports these efforts and the continued focus on our high-growth consumer portfolio.”