Pacific Equity Partners leads contest for Loscam

Loscam is believed to be generating $80m to $90m of earnings before interest, tax, depreciation and amortisation.

Bids are due for packaging solutions provider Loscam Australia and New Zealand, which provides packaging solutions for supply chains.

So far Pacific Equity Partners is considered the most logical buyer.

PEP is looking to add to its Secure Assets Fund, which targets companies with low-risk earnings and infrastructure characteristics.

Goldman Sachs and UBS are working on the sale process for owners China Merchants, CITIC and FountainVest Partners.

Price expectations had been about $2bn before the sharp lift in funding costs.

Besides PEP, Stonepeak Infrastructure Partners, Morrison & Co and Morgan Stanley Infrastructure Partners are likely to take a look.

The business is believed to be generating $80m to $90m of earnings before interest, tax, depreciation and amortisation.

Loscam specialises in pooling and returnable solutions.

The sale comes as final bids are due in the coming days for iNova Pharmaceuticals, owned by Carlyle and PEP.

Three parties are left in the auction for the $1bn-plus business, which sells Difflam throat lozenges, Andolex throat spray and Nyal cough, cold and flu medicines: Bain Capital, advised by Goldman Sachs; Blackstone, advised by Morgan Stanley; and TPG.