(Bloomberg) -- Investindustrial is working with banks on a bond sale for its portfolio company Omnia Technologies, a deal which would mark the Italian packaging firm’s debut in the high yield debt market, people with knowledge of the matter said.
Banks including JPMorgan Chase & Co., Barclays Plc and Intesa Sanpaolo SpA are preparing the bond sale, which is expected to kick off as soon as mid-September, the people said.
Omnia is considering targeting proceeds of €400 million ($442 million) to €500 million, some of the people said, asking not to be identified because the information is private. The details aren’t finalized and could still change.
Investindustrial, led by Andrea Bonomi, plans to explore a sale of the company in 2025 and is seeking to put Omnia’s finances in order ahead of a possible auction, the people said. It could seek a valuation of more than €1.5 billion from a divestment of Omnia, which is expected to attract both financial investors and corporate buyers, one of the people said.
Representatives for Investindustrial, JPMorgan and Intesa declined to comment. A spokesperson for Barclays didn’t immediately comment.
Omnia provides bottling, capping and packaging systems for the alcohol, beverage, food, dairy and pharmaceutical industries.
The group was created by combining Italian packaging specialists Bertolaso and Della Toffola and using it as a buy-and-build platform to acquire smaller rivals. Omnia employs more than 1,400 people and operates 28 production units, according to its website.
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