Several local and international media report that Sami Sagol, the owner of Keter Plastic (Herzliya / Israel; www.keter.com), has agreed to sell 80% of the shares in the household goods and outdoor furniture producer to private equity group BC Partners (London / UK; www.bcpartners.com). The proposed deal values Keter at USD 1.7 bn, news reports allege.

Sagol had been on the lookout for a buyer since last year (see Plasteurope.com of 28.05.2015). Other parties that reportedly expressed an interest in Keter include Carlyle Group and CVC Capital Partners, but according to Reuters, BC Partners won exclusivity in the bidding process and is now discussing details on the acquisition. That process could take up to two weeks, Israeli newspaper Haaretz reports. Although the Sagol family plans to keep a 20% stake in the company, sources indicate that BC Partners would have the option to buy those shares in the future as well.

Founded as a workshop in Jaffa in 1948, Keter Plastic today operates 29 global plants, located in Israel, Europe and the US. Its growth over the years has both been organic and achieved through acquisitions. As such, Keter bought French sanitary accessories producer Allibert in 2003 (see Plasteurope.com of 14.01.2004) and in 2005 acquired the household goods division of Rubbermaid (see Plasteurope.com of 27.01.2005). The company reportedly posted sales of EUR 800m in 2015, up 20% year-on-year, with net profit coming to EUR 100m.