According to a source who told Reuters on Monday, MBK Partners would be launching a sale of Techpack Solutions Co Ltd. The private equity firm would be selling a 100% ownership stake in the South Korean bottle maker for over KRW432 billion or USD407 million. The source, whose identity was not revealed by the news agency, was knowledgeable with the matter.

Techpack produces aluminum cans, glass and plastic bottles and other similar products. The unidentified source said the manufacturer's earnings before interest, taxes, depreciation and amortization, or EBITDA, was around KRW54 billion in the past 12 months.

As expected, a letter regarding the deal would be delivered to around 40-50 local and foreign financial investors. Acting financial advisor for the exit was reportedly Bank of America Merrill Lynch.

MBK acquired Techpack from Doosan Co Ltd in a KRW392 billion deal. The source disclosed that half of the amount was funded by Doosan and the other was financed by MBK.