European buyout house BC Partners is said to be closing in on a deal to acquire Italian paper manufacturer Fedrigoni at a €3 billion valuation from Bain Capital, with BC Partners set to reinvest in the company through its latest fund, according to report by Reuters.

Bain Capital originally invested €600 million in the company, which produces papers for packaging, graphics, brand protection and art, as well as self-adhesive papers and films for clients in the visual communication and other tailor-made sectors, back in 2018. 

BC Partners reportedly fell short it the €8.5 billion goal for set its new flagship Fund XI buyout fund with some long-term backers seemingly reluctant to support the new vehicle. In February, reports suggested the about €5.3 billion had been raised. The firm's previous fund, comfortably surpassed its €6.7 billion target, holding a final close on €7 billion.