Montagu Private Equity is preparing a sale of its healthcare packaging group Centor in a potential up to $700 million deal, two sources familiar with the matter told Reuters.

The British buyout group has asked Morgan Stanley to help it find a buyer for the business which makes prescription containers for medication dispensing, like vials, droppers, applicators and ointment jars.

Centor is a part of a business that Montagu bought last year from Britian's Rexam for $800 million, which sought to focus on its beverage can business and is being bought by U.S. peer Ball.

After the acquisition, Montagu renamed the former Rexam prescription retail unit Centor and the Rexam healthcare devices unit Nemera. While Rexam's management neglected the units they have been refocused and saw business thrive under the new ownership, the sources said.

Centor may attract interest from peers like U.S-based Berry Plastics or Germany-based Gerresheimer as well as buyout groups, the sources said.

Montagu, Morgan Stanley and Gerresheimer declined to comment, while Berry was not immediately available for comment.

 

reuters.com

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