Platinum Equity is in discussions to acquire Trivium Packaging NV for a sum exceeding $3.5 billion, as reported by Bloomberg. 

The Los Angeles-based private equity firm has outlasted competing bidders and is working to finalise the transaction with current owners, Ontario Teachers’ Pension Plan Board (OTPP) and Ardagh Group SA, within the next few weeks.

Sonoco Products Co., a rival bidder, withdrew from the process after reaching a deal in June to purchase European food can manufacturer Eviosys for approximately $3.9 billion, the sources revealed. Several other private equity firms had also expressed interest in Trivium.

While discussions are ongoing, there’s no guarantee that an agreement will be reached. In 2021, OTPP and Ardagh explored selling Trivium but ultimately shelved the plan. However, they revived the sale effort earlier this year, as reported by Bloomberg in January.

Spokespeople for Ardagh, OTPP, Platinum Equity, and Sonoco declined to comment on the situation when asked by Bloomberg.

Trivium, headquartered in the Netherlands, manufactures metal packaging for industries such as food, beauty, and home care, producing items like tuna cans, hairspray bottles, paint, and disinfectant sprays. 

The company generates around $3.1 billion in annual revenue and operates with a workforce of nearly 7,500 employees across 60 global locations. It was established in 2019 through the merger of Exal Corp., backed by OTPP, and Ardagh’s food and specialty packaging division.