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Oaktree Capital plans sale of US packaging company Tekni-Plex

Oaktree Capital Group has engaged investment banking firm Goldman Sachs to find a suitable buyer for packaging company Tekni-Plex, in a transaction which could be worth $800m, according to sources.

Five years back, the US-based investment management firm Oaktree bought a controlling stake in Tekni-Plex, in collaboration with Avenue Capital Group.

Oaktree, which is expected to have around $100m worth of earnings before tax, depreciation, interest and amortization, has yet to begin the sale process of the packaging company.

Tekni-Plex manufactures packaging and tubing materials for products for healthcare, food and beverage, and consumer retail.

The US firm operates 24 manufacturing sites in eight countries across North America, Europe, and Asia.