By Joyce Lee

Private equity firm MBK Partners is launching a sale of a 100 percent stake in South Korean bottle maker Techpack Solutions Co Ltd, a source with direct knowledge of the matter said on Monday, in a deal seen worth more than 432 billion won ($407 million).

A teaser letter for the deal was expected to be sent out to 40-50 local and overseas strategic and financial investors later on Monday, the source said.

MBK bought the business in 2008 from Doosan Co Ltd for 392 billion won, of which about half was financed by the seller and the rest funded by MBK, said the source, who was not authorized to disclose details to the media.

Techpack -- an aluminum can, glass and plastic bottle maker -- had an EBITDA of about 54 billion won over the past 12 months, the source said, adding that stakes in similar businesses, without a management premium, currently trade at about 8 times EBITDA globally.

Bank of America Merrill Lynch is advising MBK.