Investcorp Bank, a Bahrain-based investment firm, is considering $1.3bn sale of US packaging distribution company Berlin Packaging, sources known with the matter said.
Investments banks Barclays and Deutsche Bank have been selected by the investment firm in order to carry out a sale process for the packaging firm.
Berlin Packaging is claimed to have annual earnings before interest, taxes, depreciation and amortization (EBITDA) of $100m, people close to the company said.
In July 2007, Investcorp acquired a majority stake in Berlin Packaging in a deal worth $410m. The company was established by Andrew Berlin with the acquisition of Alco Packaging in 1988.
The representatives of Berlin Packaging and Investcorp, as well as Barclays and Deutsche Bank have declined to comment on the sale.
Berlin Packaging is involved in the distribution of glass and metal containers, as well as closures for the markets including food and beverage, household, personal care and healthcare.
The company also provides value-added services such as packaging design and mold development, leasing support services, and transportation/logistics services.
