* Information 'teasers' to be sent out in June - source
* First bids likely to be due in July - source
* Deal could value Kloeckner at up to 1.5 bln euros -
(Adds background on previous sale attempt, possible bidders)
By Arno Schuetze
FRANKFURT, May 28 Investment firm Strategic
Value Partners (SVP) is making another attempt to sell German
plastic packaging maker Kloeckner Pentaplast in a
potential 1.5 billion euro ($2 billion) deal, two sources
familiar with the matter said.
Goldman Sachs and Jefferies Group, advisers
to SVP and the co-owners, will start sending out information
packs on the company next month, one of the sources said, adding
that tentative bids are likely to be due in July.
SVP, Kloeckner Pentaplast, Goldman Sachs and Jefferies
declined to comment.
SVP acquired Kloeckner Pentaplast, whose plastic films are
used to package foods and medicines, from private equity firm
Blackstone Group LP following a lengthy restructuring
process. Blackstone had bought the company from Cinven in 2007,
backed by 1.25 billion euros of leveraged loans.
An attempt to sell the company in autumn 2013 was put on ice
after potential buyers indicated they would not meet the asking
price of Kloeckner Pentaplast's owners.
Kloeckner Pentaplast will now mainly be marketed to private
equity firms such as Carlyle, Bain and Advent but it remains
unclear if these investors will actually hand in bids, the
The company could also make a strategic fit for industry
peers such as India's Bilcare, Switzerland's Perlen or
South Africa's Mondi, industry sources said.
The sellers are hoping to sell Kloeckner Pentaplast at an
enterprise value of about eight times its expected earnings
before interest, tax, amortisation and depreciation of roughly
180 million euros.
Bankers are working on debt financing packages of around 1
billion euros or six times Kloeckner's EBITDA. Syndicated
leveraged loans and high yield bonds denominated in euros and
dollars are all being considered, banking sources said.
In its fiscal year 2012/2013 ending in September Kloeckner
Pentaplast posted an adjusted EBITDA of 174 million euros on
sales of 1.2 billion euros. Its net debt decreased to 430
In the six months to March 2013 adjusted earnings rose 6.7
Kloeckner Pentaplast, which was founded in 1965 as a unit of
steel and machinery group Kloeckner-Werke, also makes pipe
insulation and products to refine stationery products. It
employs 3,100 staff at 18 production sites in 12 countries.
($1 = 0.7345 Euros)
(additional reporting by Claire Ruckin in London; Editing by
Victoria Bryan and Susan Thomas)