AEA Investors near $1 bln deal for packager Pro Mach: Reuters

Private equity firm AEA Investors is nearing an agreement to buy packaging equipment company Pro Mach Inc for around $1 billion, according to people familiar with the matter, the latest in a series of private equity deals in the packaging sector.

Loveland, Ohio-based Pro Mach provides packaging products, including bottle-capping machinery and labeling equipment, for food and drink, pharmaceutical, consumer goods and industrial companies.

The people asked not to be named because the matter is not public. Representatives for AEA Investors and Pro Mach did not respond to requests for comment. Jordan Co, the New York-based buyout firm that owns Pro Mach, also did not respond to requests for comment.

Reuters reported in May that Jordan was working with Barclays Plc to prepare a sale. Jordan and some members of Pro Mach’s management team acquired the company in 2011 from Odyssey Investment Partners LLC, another private equity firm, for an undisclosed amount.

(Reporting by Soyoung Kim and Greg Roumeliotis in New York. Editing by Andre Grenon)