The family owners of Portuguese plastics packaging firm Logoplaste are in advanced talks with Carlyle about an investment by the buyout group, three people familiar with the matter said.

Carlyle is offering to acquire a stake of the company at a valuation of roughly 660 million euros ($740 million), or about 8.5 times Logoplast’s expected 2016 EBITDA of 78 million euros, one of the people said.

Logoplaste founder and Chief Executive Filipe de Botton said he was still talking to more than one potential buyer, but would not say who was in the race.

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