(Bloomberg) -- Private equity firm Onex Corp. is exploring selling a minority stake in Swiss juice-box maker SIG Combibloc Group to investors including family offices as it prepares for an initial public offering later this year, people with knowledge of the matter said.

Onex is reaching out to at least 10 potential anchor investors including the wealthy European Jacobs and Mueller families, as well as Kirkbi A/S, the fund controlled by Danish owners of toymaker Lego A/S, said the people, who asked not to be identified as the matter is confidential. The proposed stock offering could value the business at more than 4 billion euros ($4.6 billion), one of the people said.

Representatives for Onex, Jacobs Holding AG and Kirkbi declined to comment, while spokesmen for the Muellers didn’t respond to requests. While some of the family offices are interested in becoming an anchor investor, there’s no guarantee that they will proceed with the investment, the people said.

Onex, one of Canada’s oldest buyout firms, decided to shelve the idea of an outright sale of the business in recent months due to a lack of appetite from potential bidders, though those plans may yet be revived, the people said.

The buyout firm, while it was sounding out potential buyers of the business, also hired Goldman Sachs Group Inc., Credit Suisse Group AG and Bank of America Corp. to help lead preparations for a Zurich IPO that could value SIG at about 4.5 billion euros, Reuters reported in April.

Onex agreed to pay 3.75 billion euros to American packaging company Reynolds Group Holdings Ltd. in 2014 to acquire SIG.

SIG, founded in 1853 as a railway carmaker, currently produces cartons and other packaging material and equipment, and generated sales of 1.66 billion euros in 2017, according to its website.

--With assistance from Corinne Gretler.

To contact the reporters on this story: Sarah Syed in London at ssyed35@bloomberg.net;Patrick Winters in Zurich at pwinters3@bloomberg.net;Ruth David in London at rdavid9@bloomberg.net

To contact the editors responsible for this story: Dinesh Nair at dnair5@bloomberg.net, Chitra Somayaji, Aaron Kirchfeld

©2018 Bloomberg L.P.

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