(Bloomberg) -- Triton is exploring a potential sale of All4Labels Global Packaging Group that may value the German label manufacturer at €2 billion ($2.1 billion) or more, people with knowledge of the matter said. 

The European buyout firm is working with Goldman Sachs Group Inc. to gauge interest from potential buyers, the people said, asking not to be identified discussing confidential information.

All4Labels traces its roots back to 1881. The company was formed through a three-way merger of Baumgarten with Germany’s RAKO and X-Label in 2016, with Italy’s Nuceria Group joining in 2018, according to Triton’s website. 

Triton acquired a stake in Hamburg-based All4Labels in 2019 for an undisclosed amount, with its family owners also remaining invested. The company makes a wide range of self-adhesive labels for companies in industries including food and beverage, health care, personal care and chemicals, according to the website. 

Banks are working on debt financings for potential buyers of All4Labels totaling around €875 million, equating to about five times the company’s approximate earnings, according to people with knowledge of the matter. 

Lenders are keen to underwrite deals, encouraged by a spate of successful debt sales as investors appetite for risk improves amid calmer market conditions. A jumbo debt financing backing the buyout of Worldpay Inc. saw the size of the offering increased due to strong investor demand.

Deliberations on a potential sale of All4Labels are ongoing, and there’s no certainty they will lead to a transaction. Representatives for Triton and Goldman Sachs declined to comment. All4Labels didn’t immediately respond to queries. 

--With assistance from Aaron Kirchfeld.

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