NEW YORK: Buyout firm Jordan Co is in advanced talks to buy a majority stake in Five Star Holding Corp in a deal that will value the closely held packaging maker at about US$1.5bil (RM6.31bil), according to sources.

       The private equity firm won an auction process for the Houston-based business, with the founding family expected to retain a significant minority share as part of the deal, said the sources.

       No final decision has been made and the company could elect to remain independent, the sources said.

       Representatives for Five Star and Jordan didn’t immediately respond to requests for comment.

       Jordan, which has offices in New York, Chicago and Stamford, Connecticut, has a history of investing in packaging businesses, with Anchor and Spartech both currently part of its portfolio, according to the firm’s website.

       Five Star, which is made up of five closely aligned businesses, hired Mike Ukropina as chief executive officer in 2018. Its brands include StarPak, Polytex, Superbag, Fresh Pak and Jumbo Bag. — Bloomberg