HONGKONG/FRANKFURT (Reuters) - European private equity investor AAC Capital is launching the sale of Envirotainer, a Swedish company that rents out containers for shipping temperature-sensitive healthcare products, three sources familiar with the matter said.
The investor, which is working with JP Morgan (JPM.N) as adviser on the sale, has asked bidders to present first-round offers by mid-May, the people said, adding AAC hoped to sell at a valuation of up to 1 billion euros ($1.2 billion).
Buyout groups such as EQT, CVC, Cinven, CD&R and Nordic Capital are looking into the matter and are among the firms that may submit bids for Envirotainer, one of the people said.
Envirotainer’s management is also targeting potential buyers from Asia, according to another of the sources.
The management visited a number of companies and financial sponsors in Asia last month, before the sale officially kicked off, the source said.
AAC Capital, Envirotainer JP Morgan and the potential suitors declined to comment or were not immediately available for comment.
Envirotainer is expected to post earnings before interest, tax, depreciation and amortization (EBITDA) of about 70 million euros and may be valued at up to 15 times that, a premium to peers such as U.S.-based Sonoco (SON.N), which trades at below 9 times its expected core earnings.
Reporting by Kane Wu and Arno Schuetze; Editing by Mark Potter