Berry Global Group, Inc. recently announced it has completed the sale of its Seal for Life (SFL) business to Arsenal Capital Partners for approximately $330 million. The SFL business reportedly has annual sales of approximately $120 million.
“The decision to sell SFL was made as part of our ongoing portfolio analysis and decision to provide resources to further focus our efforts to deliver growth in targeted markets and advantaged products as we remain firmly committed to this objective,” said Tom Salmon, chairman and CEO of Berry Global. “The SFL business has been part of the Berry portfolio since 2007 and has been a strong contributor to the Company. I thank the SFL team for their years of commitment and dedication to Berry and its customers. We wish them well. We will use the proceeds of the sale to repay debt and expedite our primary goal of improving our balance sheet.”