Carlyle to exit Portuguese packaging maker Logoplaste worth up to $1.7 billion

Buyout group Carlyle CG.O has shortlisted rival private equity firms BC Partners and Apax in the sale of its majority stake in Portuguese plastic packaging maker Logoplaste worth up to $1.7 billion, people close to the matter said.

Ontario Teachers’ Pension Plan and Stonepeak Infrastructure Partners also remain in the running and are expected to hand in final offers at the end of the month, they added.

Carlyle, OTPP and Apax declined to comment, while the others were not immediately available for comment.

Logoplaste, founded in 1976 by entrepreneur Marcel de Botton, makes plastic bottles and containers for water, milk, ketchup, shampoo and lubricants, supplying Danone, Nestle, Arla, Kraft Heinz, P&G and L’Oreal among others.

The company is expected to post earnings before interest, tax, depreciation and amortization of about 120 million euros this year and may be valued at 10-12 times that in a potential deal, the sources said.

The company manages 63 factories in 16 countries and has annual sales of more than 500 million euros, according to its website. Carlyle bought a 60% stake in Logoplaste in 2016 at a valuation of 660 million euros, with family owners Filipe de Botton and Alexandre Relvas retaining the rest.

In August, Logoplaste announced it had hired Barclays and Goldman Sachs as financial advisers to evaluate strategic options, including bringing in new shareholders.

Source: Nasdaq