Private equity firms KKR and Apax Partners are among the bidders competing to acquire Portuguese packaging manufacturer Logoplaste in a deal that could value the business at more than €1.7bn, according to a report by Bloomberg.
The report cites unnamed people familiar with the process as highlighting that both firms have submitted non-binding offers for the rigid plastic packaging producer, with several other prospective buyers also participating in the auction.
The sale process is expected to move into its next phase in the coming weeks, with Logoplaste set to hold discussions with selected bidders before inviting a smaller group to submit binding offers. While a transaction is anticipated later this year, there is no certainty that a deal will be completed.
Majority shareholder Ontario Teachers’ Pension Plan (OTPP), which owns a 60% stake in the business, has been exploring an exit with financial advisers since last year. The Canadian pension investor acquired its holding from Carlyle in 2021, when the company was valued at approximately €1.4bn, including debt.
Bloomberg previously reported that Apollo Global Management had also been evaluating a bid for Logoplaste, although sources now indicate the private equity firm is no longer pursuing the asset.
Logoplaste’s founder and chairman, Filipe de Botton, together with board member Alexandre Relvas, collectively own the remaining 40% of the company and are understood to have the option of retaining an investment alongside a new financial sponsor following any transaction.
Founded in 1976, Logoplaste has grown into one of Europe’s largest manufacturers of rigid plastic packaging, generating annual revenue of around €1bn. The company operates more than 60 production facilities across 15 countries and supplies multinational consumer goods companies including Kraft Heinz, Diageo and L’Oréal.
The business is known for its “wall-to-wall” manufacturing model, under which production facilities are located at or near customer sites to improve operational efficiency, reduce logistics costs and strengthen long-term customer relationships.
