Ardagh Group is shifting its ownership structure under a recapitalization transaction announced Monday.
Yeoman Capital, the entity through which Irish billionaire and longtime Ardagh Chairman Paul Coulson controls the company, would be sold to new equity owners for $300 million. These existing investors are primarily major financial institutions and funds.
Bloomberg News had previously reported that a deal was in the works to adjust ownership. Ardagh’s official announcement Monday touted the deal as designed to reduce debt burden by $3.7 billion. The company’s net debt stands at more than $10.5 billion. Ardagh also said the deal would help deleverage the business and allow for a stronger balance sheet going forward. The deal also features $1.5 billion in new capital, with a maturity of December 2030.
The transaction is projected for completion by Sept. 30.
Coulson served as chairman of Ardagh Group from 1998 through 2023. When transitioning out of that role in 2023, Coulson remained a director.
Ardagh Group, which has both glass and metal packaging businesses in different regions around the world, spun out Ardagh Metal Packaging in 2021 through a SPAC deal but retained the majority stake. AMP is now listed on the New York Stock Exchange. Ardagh Group also holds a minority stake in metal packaging business Trivium Packaging.
Per financial results shared Monday, Ardagh Group’s revenue totaled $2.48 billion in Q2, up 5.6% year over year. But glass was a weak spot. Glass packaging revenues in North America declined 1.5% year over year to $389 million and were down by 8.3% in the Europe and Africa region to $638 million.
This followed Ardagh Metal Packaging separately reporting its results on Thursday, including quarterly revenue of approximately $1.46 billion. During an earnings call, AMP CEO Oliver Graham said global shipments were up 5%, and by 8% in North America. Across the Americas, Q2 revenue rose 21% to $840 million, “which reflected higher volumes and the pass-through of higher input costs to customers,” Graham reported.
“Our performance is a testament to the resilience of our business despite macroeconomic uncertainties with shipments growth reported across each of our markets,” Graham said. “Global beverage can growth continues to benefit from innovation and share gains in our customers' packaging mix, and we still anticipate only a minimal impact to our business arriving from the tariff measures announced.”
Ardagh Metal Packaging continues to project full-year shipment growth between 3% and 4% in 2025.
