FRANKFURT, May 12 (Reuters) - Buyout group Wendel has put German packaging group Constantia Labels on the block in a deal that could be worth more than 1 billion euros ($1.1 bln), as it seeks cash for investments in a sister company, two people familiar with the matter said.
Wendel has asked Goldman Sachs to evaluate options including a sale of the group, which is part of its larger packaging firm Constantia Flexibles, after receiving offers from three interested parties.
The investor, which owns 60 percent of Constantia Flexibles, as well as its co-investors are considering using proceeds from a sale of the labels group to fund add-on acquisitions for the remainder of the company, one of the people said.
Constantia Labels is expected to post earnings before interest, tax, depreciation and amortisation of 113 million euros this year and could be valued at more than 10 times that, the sources said.
Wendel and Goldman Sachs declined to comment.
$1 = 0.9195 euros Reporting by Arno Schuetze; Editing by Maria Sheahan