Charter NEX Films Inc, a U.S. manufacturer of specialty films used in the food and medical industries, is exploring a sale that could value it at around $1.3 billion, including debt, people familiar with the matter said on Friday.
Pamplona Capital Management LLP, the private equity firm that owns Charter NEX, has hired investment banks UBS Group AG (UBSG.S) and William Blair & Company LLC to explore a sale of Charter NEX, the people said.
Charter NEX posts 12-month earnings before interest, tax, depreciation and amortization of around $115 million, the people added.
The sources asked not to be identified because the sale process is confidential. Pamplona, Charter NEX, UBS and William Blair did not immediately respond to requests for comment.
Headquartered in Milton, Wisconsin, Charter NEX is a producer of specialty polyethylene film for food and consumer packaging and for industrial and medical applications.
Pamplona acquired Charter NEX from private equity firm Mason Wells in 2015 for an undisclosed amount. A year later, Charter NEX under Pamplona acquired a smaller peer, Optimum Plastics Inc.
(Reporting by Greg Roumeliotis in New York, editing by G Crosse)