(Bloomberg) -- Clearlake Capital Group is in advanced talks to buy Mold-Rite Plastics, according to people with knowledge of the matter.
The company's owner, Irving Place Capital, had been seeking more than $1 billion, including debt, in a potential sale, said the people, who asked to not be identified because the matter isn't public. Negotiations could still collapse and Irving could elect to keep the company, the people said.
Other suitors had been pursuing the business and another buyer could emerge, the people said.
A representative for Clearlake declined to comment. Representatives for Irving and Mold-Rite didn't respond to requests for comment.
Irving first invested in Plattsburgh, New York-based Mold-Rite in 2010 and completed bolt-on acquisitions of Weatherchem and Stull Technologies in 2012, according to its website.
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