Carlyle Group Inc. is set to buy Chinese packaging firm HCP for about $1 billion, people familiar with the matter said, less than two months after a sale of the business was threatened by valuation concerns.
BPEA looked set to shelve a sale of HCP in March over concerns over valuation, Bloomberg News reported at the time. It had been seeking about $1.5 billion for the business, which had drawn interest from private equity firms including Primavera Capital, PAG and DCP Capital. An earlier attempt to sell HCP was halted in 2020 amid the Covid-19 outbreak, they said.
BPEA bought HCP from rival buyout firm TPG Capital in 2016 for an undisclosed amount. HCP has expanded in part by acquiring SIMP the same year, Germany’s Rusi Cosmetic the following year and Hetian Packaging Co. in 2020.
Swedish investment firm EQT AB agreed to acquire BPEA in a $7.5 billion cash and stock deal in March. The transaction is the biggest takeover of a private equity firm by another in the sector.
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