Cerberus Capital Management LP said one of its affiliates agreed to purchase the businesses and related facilities of Closure Systems International Inc. in North America, Costa Rica and Japan.
The seller, Reynolds Group Holdings Ltd., will continue to operate its closure businesses in Europe, the Middle East, Egypt and South America.
Closure Systems offers closures for various bottles and containers including carbonated soft drinks, bottled water, juices, isotonics, teas and adult beverages.
The deal is set to complete over the next two quarters and is subject to necessary approvals and certain closing conditions.
Goldman Sachs & Co. LLC was the exclusive financial adviser to Reynolds Group and Closure Systems, while Debevoise & Plimpton LLP served as legal adviser. Schulte Roth & Zabel LLP was legal adviser to Cerberus.