PolyOne Corp., a US industrials company, is among bidders for German plastic-packaging producer Kloeckner Pentaplast, people with knowledge of the matter said.
The Avon Lake, Ohio-based maker of polymer materials is among a number of parties considering a bid for the company, which may fetch as much as 1.5 billion euro ($2 billion), said the people, who asked not to be identified because they aren’t authorised to speak publicly.
PolyOne, which has a market value of $3.5 billion, is competing with bidders including private-equity firms Apollo Global Management LLC, Ares Management LP and Platinum Equity LLC, with offers due late September, Bloomberg News reported on 1 September.
Kloeckner Pentaplast, which was founded in 1965, provides packaging, printing and specialised technology, serving the pharmaceutical, medical-device, food, beverage and card markets.
Hedge-fund Strategic Value Partners LLC owns the company, after leading a group of investors to acquire it from Blackstone Group LP as part of a restructuring in 2012.
Adjusted earnings before interest, taxes, depreciation and amortisation in the fiscal year ended September rose 14 per cent to 174 million euro, and adjusted Ebitda for the first nine months of the current fiscal year was 133.8 million euro, the company said on its website. Full-year net debt shrank by 90 million euro to 430 million euro, it said.
A spokesman for SVP declined to comment, and a spokeswoman for Kloeckner Pentaplast couldn’t be reached for comment by telephone or email. A representative for PolyOne didn’t comment.
Bloomberg, edited by ESM
