Sealed Air Corporation, the global provider of food and protective packaging solutions, has entered into a definitive agreement to be acquired by funds affiliated with CD&R, a private investment firm with deep experience in the industrial and packaging industries, in an all-cash transaction with an enterprise value of $10.3 bn.
“After careful review of strategic alternatives over the past year, the Board is confident that this transaction delivers significant value and is in the best interests of our stockholders and the Company,” said Henry R. Keizer, Chairman of the Board, Sealed Air. “Furthermore, this transaction represents a realization of immediate and certain value for Sealed Air stockholders at a substantial premium and enables the company to execute its long-term strategic vision.”
“Today marks an inflection point in Sealed Air’s history and we look forward to embarking on this next phase of growth in partnership with CD&R,” said Dustin Semach, President and Chief Executive Officer, Sealed Air. “This transaction delivers significant and derisked value to Sealed Air stockholders while accelerating our ongoing transformation. CD&R’s partnership will enhance our ability to invest in growing our Food and Protective businesses while maintaining a customer-first approach. Through more rapid innovation, expanded capabilities and broader reach, we will create more value for our customers and more opportunities for our employees.”
“Sealed Air is an exceptional global business with a talented leadership team, leading franchises and attractive underlying fundamentals,” said Rob Volpe, Partner, CD&R. “The company has a strong foundation in its industry leadership, committed employee base, deep customer and supplier relationships, differentiated product portfolio and demonstrated operating capability. We are committed to supporting Sealed Air’s continued investment in its people, assets, and product portfolio. We have great respect for Sealed Air’s senior leadership team, and look forward to partnering with them.”
