Californian buyout firm Platinum Equity reported to be in talks to buy Ardagh’s 42%-owned Trivium for more than $3.5bn
Dubliner Paul Coulson's Ardagh Group is said to be close to selling its stake in food cans business Trivium as it seeks to lower its debt mountain. Photograph: Alan Betson
Californian buyout firm Platinum Equity is in talks to buy Trivium for more than $3.5 billion, Bloomberg reported late last week, adding that a deal could be reached within weeks. It emerged in January that the joint venture partners were exploring a sale of Trivium, having previously looked at a disposal two years ago.
A spokesman for Ardagh, in which Mr Coulson holds an effective 36 per cent stake, declined to comment on the Trivium sale. The combined outlook means the group is now forecasting, at best, a 3.1 per cent increase in earnings before interest, tax, depreciation this year to $1.34 billion. That equates to a net debt ratio of almost nine times at its estimated current net debt – a level that is viewed by analysts, including Fitch’s Marina Bordakova, to be unsustainable.
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