Packaging giant Linpac, based in the United Kingdom, has put its U.S. business on the block amid speculation that its private equity owners are considering a £1bn sale of the UK group.
According to the Daily Telegraph, the company has hired investment bank UBS to advise on the sale of Georgia-based Linpac Inc, which specializes in making corrugated paper. The firm could sell for $100 million.
The move to sell the business comes as banking sources said Montagu Private Equity, which owns Linpac, might be looking to streamline the group before selling its UK operations. However, people familiar with the company said Linpac simply did not want to use more capital to increase scale at Linpac Inc.
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