German plastic packaging firm Weener Plastik has been put up for sale by Lindsay Goldberg, a move that would bring around $500m.

Lindsay Goldberg has appointed investment bank Macquarie to oversee the sale of the packaging business.

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Buyout firms, including CD&R, Ardian, Charterhouse and Bain, submitted bids for Weener’s acquisition, reported Reuters. It is being speculated that these firms have valued the company at approximately eight times its earnings.

Reuters further reports that Silgan, Berry , RPC, Alpla and Lawco have also shown intention to acquire the producer of cosmetics, food and home care packaging.

"Lindsay Goldberg has appointed investment bank Macquarie to oversee the sale of the packaging business."

Weener is expected to generate €50m on sales of €275m in 2014 earnings before interest, tax, depreciation and amortisation.

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The acquisition is anticipated to be backed by debt packages of around €250m, which could be in the form of senior leveraged loans denominated in euros.

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Founded in 1960, Weener Plastik designs, develops and manufactures plastic packaging products, such as sealing caps, valve caps, beverage caps, plastic bottles, jars, dispensers and dosing systems.

The company, which was acquired by Lindsay Goldberg in 2012, has operations in Hungary, Spain, Ireland, Russia, the US, Mexico and Brazil. It also offers various services, including project management, tool building, testing and production.

In 2013, Weener acquired the complete shares of India-based Weener Empire Plastics where it already had a minority stake. This deal included seven factories in India.