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Food packaging producer Pactiv Evergreen files for an estimated $750 million IPO

August 24, 2020

Pactiv Evergreen, the largest manufacturer of fresh food and beverage packaging in North America, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimated could raise up to $750 million.

Pactiv Evergreen is the largest manufacturer and distributor of fresh foodservice products, food merchandising products, and fresh beverage cartons in North America by revenue. In 2019, the company generated approximately 80% of its total pro forma net revenue from products for which it held a #1, #2 or #3 US market share.

The Lake Forest, IL-based company was founded in 2006 and booked $6.8 billion in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol PTVE. Credit Suisse, Citi, BofA Securities, Goldman Sachs, Baird, BMO Capital Markets, Deutsche Bank and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.