Blackstone is preparing a potential sale of ShyaHsin Packaging and has engaged Citigroup to advise on the process, Bloomberg reported.

The private equity firm could seek a valuation of at least $1bn for the company, according to people familiar with the matter. A sale process could launch later this year. 

ShyaHsin manufactures packaging for the global beauty industry, producing components used in colour cosmetics, skincare, and fragrance products. The company operates manufacturing facilities in China and Mexico.

Blackstone acquired the business in 2017 in a transaction valued between $800m and $900m.

Industry buyers and other private equity firms have already expressed preliminary interest in the asset. However, discussions remain ongoing and Blackstone could ultimately decide to retain the company for longer.

The potential sale reflects continued private equity activity in the global beauty supply chain, where packaging manufacturers benefit from long-term growth in cosmetics and skincare demand.

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