Deals
Newell, Under Pressure to Divest, Has Three Bidders for Unit
- Tableware, storage unit could fetch $2.2 billion in a sale
- Faerch, Hoffmaster also bidding as Newell divests assets
Photographer: Ty Wright/Bloomberg
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Packaging companies Novolex Holdings Inc. and Faerch Plast A/S are among the bidders for Newell Brands Inc.’s Waddington Group Inc. as the consumer-goods conglomerate pushes ahead with divesting assets, people familiar with the matter said.
Disposable tableware-maker Hoffmaster Group Inc., backed by Wellspring Capital Management LLC, is also a potential buyer of the Newell unit, said the people, who asked not to be identified because the matter is private. Novolex is backed by Carlyle Group LP, while Faerch is owned by Advent International.