(Reuters) – Ontario Teachers’ Pension Plan Board will buy Carlyle Group’s majority stake in Logoplaste for an undisclosed value, the Portuguese plastic packaging maker said on Friday.
Logoplaste said current shareholders and family owners Filipe de Botton and Alexandre Relvas will retain around 40% stake in the business.
Carlyle had shortlisted BC Partners, Apax, Ontario Teachers and Stonepeak Infrastructure Partners in the sale of its majority stake worth up to 1.4 billion euros ($1.70 billion), people close to the matter told Reuters earlier this month.
The U.S. buyout group bought a 60% stake in Logoplaste in 2016 at a valuation of 660 million euros.
Logoplaste, founded in 1976 by entrepreneur Marcel de Botton, makes plastic bottles and containers for water, milk, ketchup, shampoo and lubricants, supplying Danone, Nestle, Arla, Kraft Heinz, P&G and L’Oreal among others.
($1 = 0.8238 euros)
Reporting by Tanishaa Nadkar in Bengaluru; Editing by Ramakrishnan M.