Platinum picked up the business from fellow private equity firm Madison Dearborn in October 2012 in a $1.24bn deal, and has met with banks to discuss a sale according to Reuters.
It cited people familiar with the matter, who said the process of finding a buyer was yet to begin.
The company makes containers ranging from paint tins and ammunition boxes to packaging for food and household goods.
BWAY had an EBITDA of just over $190m last year and net sales of $1.4bn.
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