Oaktree has yet to launch a formal sale process of the company, which has an EBITDA of $100m, said Reuters, citing two people familiar with the matter.
Oaktree and Avenue Capital Group bought a controlling interest in Tekni-Plex in 2008.
The company makes packaging and tubing materials for various consumer products. It has 24 manufacturing sites in 8 countries across North America, Europe, and Asia.
Earlier in July Oaktree and fellow private equity firm Irving Place Capital sold their investment in paperboard packaging company Chesapeake to The Carlyle Group.
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