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PAI uncorks sale of French bottle-top maker Global Closure Systems, say sources: Reuters

European private equity house PAI Partners is working with Credit Suisse to sell French bottle-top maker Global Closure Systems, a business it has held for a decade, three sources said on Wednesday.

A combination of trade buyers and private equity funds have recently submitted indicative bids for the asset, the sources said.

PAI and Credit Suisse declined to comment.

A valuation for the firm, which posted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of 74 million euros in 2012, could not immediately be determined.

But two of the sources said that core earnings are now close to 100 million euros.

PAI acquired Global Closure Systems in 2005 for 583 million euros.

Among its main product lines Global Closure Systems has plastic lids for mineral water and milk bottles, as well as child resistant closures for pharmaceutical products.

Headquartered on the outskirts of Paris, the company sells its products in more than 100 countries worldwide.

PAI is currently selling other portfolio companies which also belong to PAI Europe IV fund.

It mandated Goldman Sachs to sell clothing outlet Cortefiel in Spain and hired Rothschild to explore an IPO of Swedish Chemicals firm Perstorp, both held by the fund since 2005.

The only other asset remaining in the fund is French real estate company Kaufman & Broad, which it acquired in 2007. (Additional reporting by Matthieu Protard in Paris; editing by Adrian Croft)