Jordan Co nears US$1.5bil deal for packaging maker



NEW YORK: Buyout agency Jordan Co is in superior talks to purchase a majority stake in 5 Star Holding Corp in a deal that can worth the intently held packaging maker at about US$1.5bil (RM6.31bil), in keeping with sources.

The non-public fairness agency received an public sale course of for the Houston-based enterprise, with the founding household anticipated to retain a big minority share as a part of the deal, stated the sources.

No closing choice has been made and the corporate might elect to stay unbiased, the sources stated.

Representatives for 5 Star and Jordan did not instantly reply to requests for remark.

Jordan, which has workplaces in New York, Chicago and Stamford, Connecticut, has a historical past of investing in packaging companies, with Anchor and Spartech each at present a part of its portfolio, in keeping with the agency’s web site.

5 Star, which is made up of 5 intently aligned companies, employed Mike Ukropina as chief govt officer in 2018. Its manufacturers embrace StarPak, Polytex, Superbag, Contemporary Pak and Jumbo Bag. — Bloomberg

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