According to a report from Bloomberg citing sources familiar with the matter at hand, Carlyle Group Inc is weighing options which includes either an initial public offering (IPO) for its packaging unit Novolex Holdings or a $6 billion sale.
Carlyle Group has been interviewing banks for a strategic review of the Hartsville, South Carolina-based company in the first half of 2022, said the report.
Novolex is expected to be valued at around $6 billion should Carlyle choose to sell the company or opt for an initial public offering; a final decision has yet to be taken on the matter and it is possible that the firm could continue to keep the business.
According to the company’s website, Novolex operates dozens of plants globally with brands including Duro Bag, Hilex Poly, and Burrows Packaging.
Neither Carlyle nor Novolex immediately responded to requests for comments.