Private equity firms from Europe and North America are planning to acquire Switzerland-based carton packaging and filling machines supplier SIG Combibloc.
BC Partners, Onex and Partners Group are expected to partner with other investors to bid for the packaging firm, owned by New Zealand's Reynolds.
As reported by Reuters, the move is in line with Reynolds' strategy to reduce its debt.
According to the news agency, Crown and Asian Paper were also looking to acquire SIG Combibloc, but they are not expected to take part in the bid.
SIG, acquired by Hart for $2.3bn in 2007, generates nearly €420m in annual earnings before interest, tax, depreciation and amortisation, and had originally been expected to fetch around ten times that amount.
Currently, SIG Combibloc has operations in 40 countries and employs around 5,100 people.
Founded in 1853, SIG provides aseptic beverage cartons and packaging equipment for beverages and liquid food.
It manufactures beverage cartons for fresh and long-life food products, such as drinks, soups, desserts and sauces, as well as systems for the corresponding filling machines. The company also offers solutions for the production, coating and filling of PET bottles.
Image: SIG provides aseptic beverage cartons and packaging equipment for beverages and liquid food. Photo: courtesy of SIG Combibloc Group.