The private equity owner of Pro Mach Inc is exploring a sale of the packaging equipment maker that could value it at close to $1 billion, according to people familiar with the matter, the latest in a wave of such deals in the sector. Jordan Co, the New York-based takeover firm that owns Pro Mach, is working with investment bank Barclays Plc as it prepares the company for a sale process, the sources said.Pro Mach has annual earnings before interest, taxes, depreciation and amortization of nearly $90 million, the sources said. They asked not to be identified because the deliberations were confidential.Representatives of Jordan and Pro Mach did not immediately respond to requests for comment. Barclays declined to comment.Loveland, Ohio-based Pro Mach provides packaging products, including bottle-capping machinery and labeling equipment, for food and drink, pharmaceutical, consumer goods and industrial companies.
Barclays PLC (Barclays) is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. Shares of BCS fell by 0.71% or $-0.115/share to $16.04. In the past year, the shares have traded as low as $15.32 and as high as $19.59. On average, 2935370 shares of BCS exchange hands on a given day and today's volume is recorded at 760437.
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