February 20, 2013 / 6:11 AM / 5 years ago

Bain Capital raises $69 mln from HK packaging company stake sale-IFR

HONG KONG, Feb 20 (Reuters) - U.S. private equity firm Bain Capital raised about $69 million from a selldown in Hong Kong-listed Greatview Aseptic Packaging Co Ltd, IFR reported on Wednesday citing sources familiar with the transaction.

Bain sold 110 million shares of Greatview at HK$4.85 each, putting the total deal at HK$534 million ($69 million), added IFR, a Thomson Reuters publication. The price was equivalent to a discount of 5.65 percent to Greatview’s close on Tuesday.

The private equity company, which raised about $50 million through a sale of Greatview shares last year, originally planned to sell 80 million shares but later boosted the offering to 110 million, IFR said.

Shares of Greatview, which produces packaging used in milk cartons, as well as juice boxes and machinery used in the packaging process, have surged 41 percent in the past year, reaching a 52-week high of HK$5.57 on Feb. 15.

Bain invested $40 million in 2006 for a 43.2 percent stake in the company. It owned 284.3 million shares before the most recent selldown, according to Thomron Reuters data.

Morgan Stanley acted as sole bookrunner on the selldown.

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