JPMorgan's One-Equity Buyout Arm Said to Be Weighing Sale of Duropack Unit
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One Equity Partners LLC is considering options for its Duropack GmbH corrugated board unit, including a sale, according to two people with knowledge of the matter.
One Equity, JPMorgan Chase & Co.’s buyout arm, is working with the New York-based bank and Austria’s Erste Group Bank AG, said the people, who declined to be identified because the matter isn’t public. A sale of the Vienna-based company may fetch 350 million euros ($484 million), said another person.
Funds advised by One Equity took control of Duropack when it bought 91 percent of Constantia Packaging AG in June, according to One Equity’s website. The remainder of the shares were transferred in a separate transaction, according to an Oct. 6 regulatory filing. Duropack is wholly owned by Constantia.
“Our owner is continuously evaluating options to boost the further development of Duropack” and Constantia’s Austria Metall GmbH and Flexibles units, said Wolfgang Schwaiger, a spokesman for Constantia, in a telephone interview. “There is no sales process.”
Tasha Pelio, a spokeswoman for One Equity in New York, declined to comment. Michael Mauritz, a spokesman for Erste in Vienna, declined to comment.
One Equity is also preparing a sale of its stake in aluminum unit Austria Metall, known as AMAG, which it also holds via Constantia, three people with knowledge of the process said on Jan. 19. One Equity is weighing a sale or initial public offering for AMAG and a sale may attract bids of more than 1 billion euros, the people said.
One Equity’s plans to sell Duropack were reported Jan. 30 by Wirtschaftsblatt, citing unidentified people involved in the deal.
In 2009, Duropack had sales of 262.4 million euros, Constantia said in its annual report. Constantia Flexibles Holding GmbH creates packaging for food, pet food, pharmaceuticals and beverages. It had sales of 976.5 million euros in 2009.
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