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Packaging Maker CNG’s Owners Are Said to Weigh $4 Billion Sale

  • Leonard Green, Oak Hill working with adviser on possible exit
  • Leonard Green and Oak Hill created CNG in 2019 combination

The private equity owners of Charter Next Generation are considering a sale that could value the packaging company at more than $4 billion, according to people with knowledge of the matter.

CNG’s backers, Leonard Green & Partners and Oak Hill Capital Partners, are working with an adviser to explore strategic options for the company, said the people, who asked not to be identified because they weren’t authorized to speak publicly. The Milton, Wisconsin-based company generated about $300 million in earnings before interest, taxes, depreciation and amortization last year, the people said.