German packaging maker Klöckner Pentaplast is up for sale again by its owners, according to news reports. The company, which is wholly owned by an investor group led by hedge fund SVP Global, is being groomed for a EUR1.5 billion deal, according to a Reuters report.

SVP acquired Klöckner Pentaplast from private equity firm Blackstone Group following a lengthy restructuring process. Blackstone had bought the company from Cinven in 2007, backed by EUR1.25 billion of leveraged loans, said the Reuters report.

SVP tried to sell the company last year but failed after potential buyers could not meet the asking price for Klöckner Pentaplast. The report also said that Klöckner Pentaplast will now mainly be marketed to private equity firms such as Carlyle, Bain and Advent but it remains to be seen if these firms will make the bids. The company could also make a strategic fit for industry peers such as India's Bilcare, Switzerland's Perlen or South Africa's Mondi, industry sources said.

In the first half of the 2014 fiscal year, adjusted EBITDA increased by 6.7% versus prior year to EUR87.7 million. For the last twelve months, adjusted EBITDA has increased from EUR167 million to EUR179.2 million, for the global leader that provides packaging, printing, and speciality solutions serving the pharmaceutical, medical device, food, beverage, and card markets among others.

Founded in 1965 as a steel/machinery unit of Kloeckner-Werke, Klöckner Pentaplast also makes pipe insulation and products to refine stationery products. It has grown from its initial facility in Montabaur, Germany, to current operations in 12 countries with 18 production sites. The company employs more than 3,000 people.