TricorBraun Inc is planning a sale process that could value the provider of jars and bottles to the cosmetics, healthcare and food and drink industries at more than $1.3 billion, including debt, according to people familiar with the matter.
TricorBraun's owner, private equity firm CHS Capital LLC, has hired investment bank Moelis & Co (MC.N) to explore a sale of the company, the people said this week, asking not to be identified because the deliberations are private.
TricorBraun and CHS did not respond to requests for comment while Moelis declined to comment.
Headquartered in St. Louis, Missouri, TricorBraun is one of the packaging industry's largest suppliers of glass and plastic containers, closures, dispensers and tubes.
CHS acquired TricorBraun in 2006 from buyout firm AEA Investors Ltd for an undisclosed amount. It was the second time CHS became TricorBraun's owner; it had acquired the company in 1999 and then sold it to AEA in 2004.
CHS plans to launch an auction for TricorBraun after rival U.S. packaging distribution company Berlin Packaging LLC completes its own sale process, expected by September, people familiar with the matter said.
Reuters reported in June that Bahrain-based investment firm Investcorp Bank BSC INVB.BH was exploring a sale of Berlin Packaging in an auction that could value it at more than $1.3 billion.
Formerly known as Code Hennessy & Simmons, Chicago-based CHS was founded by three Citicorp leveraged finance veterans in 1998, and has told investors it will not be raising any more funds. Its last fund, raised in 2005, amassed $1.3 billion.
