(Bloomberg) -- Genstar Capital, a San Francisco-based private equity firm, is considering a sale of TekniPlex that could value the manufacturing group at more than $4 billion, according to people familiar with the matter.

The buyout firm is working with an adviser on an auction process for the company, said the people, who asked not to be identified because they weren’t authorized to speak publicly. The Wayne, Pennsylvania-based company is expected to attract interest from peers and other private equity firms, the people said. 

No final decision has been made and Genstar could elect to keep the business, the people said.

A representative for Genstar declined to comment, while a representative for TekniPlex, officially called Tekni-Plex Inc., didn’t immediately respond to request seeking comment.

Genstar agreed to buy TekniPlex from American Securities in 2017, according to the company’s website. The firm has backed Chief Executive Officer Brenda Chamulak with acquisitions including M-Industries and Grupo Phoenix. 

TekniPlex, which was founded in 1967 to purchase the General Felt Products division of Standard Packaging Corp., now employs more than 7,000 people globally across its health-care and consumer businesses, with brands including Tri-Seal and Dolco, according to the its website.

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