KKR and Apollo among bidders eyeing Portugal’s Logoplaste

US private equity firms KKR and Apollo Global Management are among several potential bidders exploring an acquisition of Portuguese packaging company Logoplaste, according to a report by Bloomberg citing unnamed people familiar with the matter.

A broader group of financial sponsors and strategic buyers are evaluating the business, with non-binding offers expected in May. The process is being run on behalf of Ontario Teachers’ Pension Plan (OTPP), which owns a 60% stake and is working with advisers on a potential sale.

The company could be valued at more than €1.7bn ($2bn), according to earlier estimates from people familiar with the process. A deal is expected to be concluded later this year, although discussions remain ongoing and no transaction is guaranteed.

Minority shareholders, including founder and chairman Filipe de Botton and board member Alexandre Relvas, may reinvest alongside a new owner, potentially retaining around 40% ownership in line with prior transaction structures. Buyers are also considering options ranging from acquiring a controlling stake to a full sale.

Logoplaste generates roughly €1bn in annual revenue and operates a “wall-to-wall” manufacturing model, embedding production facilities directly within customer sites to reduce logistics costs and improve efficiency. The group runs more than 60 plants across over 15 countries and supplies packaging to major consumer brands including Kraft Heinz, Diageo and L’Oréal.

OTPP acquired its majority stake from Carlyle Group in 2021 in a deal valuing the business at about €1.4bn including debt. Carlyle had previously invested approximately €660m in 2016.