Tupperware Brands Corporation Reaches Agreement to Form The New Tupperware Company
Tupperware Brands has reached an agreement with secured lenders including Stonehill Capital Management Partners and Alden Global Capital to form The New Tupperware Company. The transaction involves a private sale of intellectual property and operating assets in the US and other foreign subsidiaries. The new company will focus on global core markets including the US, Canada, Mexico, Brazil, China, Korea, India, and Malaysia, with plans to expand to European and Asian markets. Markets outside the core regions with heavy liabilities will wind down. The transaction is expected to close by October 2024, subject to bankruptcy court approval.
Tupperware Brands ha raggiunto un accordo con finanziatori garantiti, tra cui Stonehill Capital Management Partners e Alden Global Capital, per formare The New Tupperware Company. La transazione prevede una vendita privata di proprietà intellettuale e beni operativi negli Stati Uniti e in altre filiali estere. La nuova azienda si concentrerà sui mercati chiave globali, tra cui Stati Uniti, Canada, Messico, Brasile, Cina, Corea, India e Malesia, con piani di espansione nei mercati europei e asiatici. I mercati al di fuori delle regioni chiave con elevati debiti verranno risolti. Si prevede che la transazione si chiuda entro ottobre 2024, soggetta all'approvazione del tribunale fallimentare.
Tupperware Brands ha alcanzado un acuerdo con prestamistas asegurados, incluidos Stonehill Capital Management Partners y Alden Global Capital, para formar The New Tupperware Company. La transacción implica una venta privada de propiedad intelectual y activos operativos en EE. UU. y otras subsidiarias extranjeras. La nueva empresa se enfocará en los principales mercados globales, incluidos EE. UU., Canadá, México, Brasil, China, Corea, India y Malasia, con planes de expansión hacia mercados europeos y asiáticos. Los mercados fuera de las regiones clave con fuertes pasivos se cerrarán. Se espera que la transacción se cierre para octubre de 2024, sujeta a la aprobación del tribunal de quiebras.
타퍼웨어 브랜드가 스톤힐 캐피털 매니지먼트 파트너스와 알든 글로벌 캐피털을 포함한 담보 대출자들과 합의하여 뉴 타퍼웨어 컴퍼니를 구성했습니다. 이 거래는 미국과 기타 해외 자회사에서의 지식재산권 및 운영 자산의 사적 매각을 포함합니다. 새로운 회사는 미국, 캐나다, 멕시코, 브라질, 중국, 한국, 인도, 말레이시아를 포함한 글로벌 핵심 시장에 집중하며, 유럽 및 아시아 시장으로의 확장을 계획하고 있습니다. 부채가 많은 핵심 지역 외의 시장은 종료될 것입니다. 이 거래는 파산 법원의 승인을 조건으로 2024년 10월까지 완료될 것으로 예상됩니다.
Tupperware Brands a conclu un accord avec des prêteurs garantis, y compris Stonehill Capital Management Partners et Alden Global Capital, pour former The New Tupperware Company. La transaction concerne une vente privée de propriété intellectuelle et d'actifs opérationnels aux États-Unis et dans d'autres filiales étrangères. La nouvelle entreprise se concentrera sur les marchés clés mondiaux, notamment les États-Unis, le Canada, le Mexique, le Brésil, la Chine, la Corée, l'Inde et la Malaisie, avec des projets d'expansion vers les marchés européens et asiatiques. Les marchés en dehors des régions clés avec de lourdes dettes seront réduits. La transaction devrait être finalisée d'ici octobre 2024, sous réserve de l'approbation du tribunal des faillites.
Tupperware Brands hat eine Vereinbarung mit gesicherten Gläubigern, darunter Stonehill Capital Management Partners und Alden Global Capital, getroffen, um The New Tupperware Company zu gründen. Die Transaktion umfasst den privaten Verkauf von geistigem Eigentum und Betriebsvermögen in den USA und anderen ausländischen Tochtergesellschaften. Das neue Unternehmen wird sich auf wichtige globale Märkte konzentrieren, darunter die USA, Kanada, Mexiko, Brasilien, China, Korea, Indien und Malaysia, mit Plänen zur Expansion in europäische und asiatische Märkte. Märkte außerhalb der Kernregionen mit hohen Verbindlichkeiten werden eingestellt. Die Transaktion soll bis Oktober 2024 abgeschlossen sein, vorbehaltlich der Genehmigung durch das Konkursgericht.
- Agreement reached with secured lenders to restructure and continue operations
- New digital-first, technology-led, and asset-light operating model
- Maintained core operations in 8 major markets
- Preservation of multiple sales channels including direct sales, ecommerce, and retail
- Company remains in Chapter 11 bankruptcy proceedings
- Operations in non-core markets will be wound down
- Company will become privately held, affecting current shareholders
- Continued struggle with over-leveraged balance sheet
Lender Group to Buy Iconic Brand and Invest Upon Close of the Transaction
Closing Intended by End of October
After years of struggling with an over-leveraged balance sheet and outdated operating model, the transaction would mark a new day for the iconic brand. The transaction is contemplated to be structured as a private sale of all intellectual property needed to create and market Tupperware's brand and award-winning products, plus operating assets in
Tupperware's Board of Directors hired President and Chief Executive Officer, Laurie Ann Goldman, in October 2023 to reinvent its go-to-market strategy for its valued independent sales consultants, retailers and consumers, and build a best-in-class leadership team.
"Tupperware is considered the inventor of the party selling model and made no-leak food conservation products famous. Over the last year, we created a new strategy and operating approach that is digital-first, technology-led and asset-light, and preserved a global footprint for the Company," said Goldman. "We've made tremendous progress and are delighted this group of forward-thinking investors share our vision and will partner with us to grow."
It is envisioned that The New Tupperware Company will be rebuilt with a start-up mentality using an agile methodology in dynamic phases. The initial focus will be on global core markets including
With its robust portfolio of award-winning, innovative products that consumers love and trust, the new company will continue to support entrepreneurship and a more sustainable lifestyle. Customers will be able to continue purchasing Tupperware products via independent Tupperware sales consultants, Tupperware ecommerce sites and retail partners in the global core markets.
"We look forward to working with Tupperware's talented leadership team to execute on the go-forward strategy for this iconic brand," said a representative from the Lender Group.
With the announcement of the proposed transaction, markets outside of the global core markets with heavy liabilities will wind down operationally. Goldman concluded, "Winding down parts of the Company will be a difficult but necessary decision to protect the future of the Tupperware brand. I want to thank all the wonderful people that will always be a part of the Tupperware family. Change and disruption are challenging, but at times, needed to move forward."
The transaction is intended to close by the end of October 2024, subject to approval by the United States Bankruptcy Court for the District of
Tupperware and certain of its subsidiaries voluntarily initiated Chapter 11 proceedings in
Kirkland & Ellis LLP is serving as legal advisor to Tupperware, Moelis & Company LLC is serving as the Company's investment banker, and Alvarez & Marsal is serving as the Company's financial and restructuring advisor.
Dechert LLP is serving as legal advisor to the Lender Group and Ankura is serving as the Lender Group's restructuring advisor.
Tupperware Brands Corporation, the company that invented a solution to food waste, empowers female entrepreneurship through social selling and made the home party famous, is as relevant today as when it was founded in 1946. Tupperware is a leading designer, manufacturer, and distributor of authentic, high-quality and ingeniously innovative products that people love and trust. The Tupperware® brand became a part of the fabric of Americana and is famous around the globe. For more information, visit Tupperwarebrands.com or follow Tupperware on Facebook, Instagram, LinkedIn and Twitter.
Statements in this Press Release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to: statements regarding the Company's agreement in principle with the Lender Group; the new Tupperware company's business strategy following the sale process; and any assumptions underlying any of the foregoing. Words such as "anticipate," "believe", "continue," "intend," "may," "plan," "should," and "will" and variations of such words and similar expressions are intended to identify such forward-looking statements.
These forward-looking statements are not guarantees of future performance and involve risks, assumptions, and uncertainties, including, but not limited to: the Company's and the Lender Group's ability to sign and close a formal transaction to implement the agreement in principle, the new Tupperware company's ability to execute on its transformation to a digital-first, asset-light business; the new Tupperware company's ability to expand into additional markets in the future; the adverse impact of the Chapter 11 cases on the new Tupperware company's business, financial condition, and results of operations; the new Tupperware company's ability to maintain relationships with customers, employees, and other third parties as a result of the Chapter 11 cases; the Company's ability to obtain court approvals with respect to motions filed or other requests made to the Bankruptcy Court throughout the course of the Chapter 11 cases; and other risks and uncertainties described from time to time in the Company's filings with the SEC.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward‑looking statements. Accordingly, you are cautioned not to rely on these forward-looking statements, which speak only as of the date they are made. The Company expressly disclaims any current intention, and assumes no duty, to update publicly any forward-looking statement after the distribution of this Press Release, whether as a result of new information, future events, changes in assumptions, or otherwise.
Tupperware
media@Tupperware.com
Edelman Smithfield
TupperwareBrands@EdelmanSmithfield.com
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SOURCE Tupperware Brands Corporation
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