European private equity firmBCPRT. UL]
Exclusive negotiations are under way to buy a majority stake in Israeli furniture maker Keter Plastic, a deal that could bring Keter's value closer to $1.
6 billion, according to sources familiar with the talks.
Kit's boss, Sammy Sagel, and his advisers, have previously chosen a BC partner with the United States. S.
Carlyle acquisition fund (CG. O)and CVC [CVC. UL]
Submit a binding offer.
"BC Partners has won exclusivity and is discussing the acquisition of a majority stake.
The deal valued the business at nearly $1.
6 billion, "the source told Reuters on Wednesday.
According to an Israeli spokeswoman, Keter Plastic is part of the Keter Group and has not commented on the report.
A spokeswoman for BC Partners did not immediately comment.
Globes, an Israeli news site, reported that the deal was to acquire a 80% stake in Keter Plastics, which specializes in resin production.
Own products and household items including plastic garden shed and bathroom cabinet.
This will also provide BC Partners with the option to buy the remaining shares, Globes said.
Born in Turkey and moved to Israel at the age of 15, the Kate Group has transformed from a small workshop in Jaffa to a global supplier of household goods, and now has about 25,000 international retail stores.
Keter Group operates 29 factories in Israel, Europe and the United States, employing about 1,400 employees in Israel.