* Citi hired to find buyer for Schoeller Allibert - sources
* Could be valued at 400-500 mln eur - sources
* Schoeller Allibert owned by JP Morgan, Schoeller family
(Adds details on valuation, other pending deals)
By Arno Schuetze
FRANKFURT, Dec 14 Dutch packaging maker
Schoeller Allibert is exploring a sale as its owners seek an
exit after reshaping the company, adding to a string of deals in
the sector, three people close to the matter said.
Majority owner JP Morgan as well as co-investor
Schoeller, a German family, have asked Citi to find a
buyer for the maker of plastic boxes, which may be valued at
about 400 million to 500 million euros ($426-$532 million), the
Schoeller Allibert was formed from a series of mergers,
combining among others Schoeller, the inventor of the plastic
beer crate, with peers Allibert and Arca Systems.
The group is expected to post earnings before interest, tax,
depreciation and amortisation (EBITDA) of 55 to 60 million euros
this year and may be valued at seven to eight times that, the
JP Morgan has repeatedly had to inject capital into the
group. While the bank holds a majority stake in the company, the
investment is managed by One Equity Partners, its former private
JP Morgan and OEP declined comment, while Citi and the
Schoeller family were not available for comment.
Schoeller Allibert is one of several packaging makers on the
Private equity-owned French group Albea is expecting final
bids before Christmas with British peer RPC seen as
leading bidder, while the interest of private equity groups such
as Advent and a consortium of PAI and Bain has cooled, sources
familiar with that deal said.
U.S. packaging group Westrock's soap dispensers and
perfume sprayers unit has attracted private equity interest from
investors such as CCMP Capital or Goldman Sachs' private equity
arm, people familiar with that deal said.
The parties involved in these auctions declined to comment
or were not immediately available for comment.
($1 = 0.9399 euros)
(Additional reporting by Toby Sterling and Claire Ruckin;
Editing by Maria Sheahan and Adrian Croft)