European private equity house BC Partners [BCPRT.UL] is in exclusive talks to buy a majority stake in Israeli furniture maker Keter Plastic in a deal that could value Keter at nearly $1.6 billion, according to a source familiar with the talks.

Keter’s owner, Sami Sagol, and his advisers had previously selected BC Partners along with U.S. buyout fund Carlyle (CG.O) and CVC [CVC.UL] to submit binding offers.

“BC Partners has won exclusivity and is discussing the acquisition of a majority stake. The deal values the business at close to $1.6 billion,” the source told Reuters on Wednesday.

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