Private-equity held Italian packaging firm Guala Closures is moving ahead with plans for a sale or a stock market listing that may value the company at more than 1 billion euros ($1.1 billion), sources close to the matter said.

Guala's main shareholder, Apriori Capital Partners, has asked Credit Suisse and Barclays to lead the divestment process of the company specialising in closures, such as bottle tops, for sealing spirits, they said.

The banks declined to comment, while Apriori was not immediately available for comment.

Guala posted earnings before interest, tax, depreciation and amortization of 105 million euros in 2016. It may be valued at 9-11 times its expected 2017 core earnings of 110 million, the sources said.

The auction is expected to start before the summer break with a view to signing a sale or launching an initial public offering in the fourth quarter, one of the sources said.

 

Source: reuters.com

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