Letica Said to Hire Goldman Sachs for Sale of Packaging CompanyBy
Family-owned business could be worth more than $1 billion
Private equity firms are often attracted to packaging makers
Letica Corp. hired Goldman Sachs Group Inc. to consider a sale that could value the packaging maker at more than $1 billion, people with knowledge of the matter said.
The Rochester Hills, Michigan-based company is attracting interest from both peers and private equity firms, said the people, who asked not to be named because the process is private.
Letica, which is family-owned, is among several packaging businesses in the market for buyers. TricorBraun Inc. and Anchor Glass Container Corp. are being sold by CHS Capital and KPS Capital Partners, respectively, said people familiar with the processes. TricorBraun, based in St. Louis, could fetch about $1.1 billion, the people said.
The companies are all attracting buyout firms, given their steady cash flows and relative ease to finance, according to the people. Mergermarket previously reported that TricorBraun and Tampa, Florida-based Anchor Glass are for sale.
A spokeswoman for Goldman Sachs declined to comment. Representatives for Letica, TricorBraun, Anchor Glass, CHS Capital and KPS Capital didn’t immediately respond to e-mail requests seeking comment.
Letica, founded by Ilija Letica as an engineering firm in 1967, makes a range of packaging products, including recyclable plastic paint cans and insulated sleeves for beverage cups.
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