Mexican bottler Coca-Cola Femsa is in talks to sell its US packaging and food business to private equity firms Warburg Pincus and Kelso & Co. for about $5 billion.
Kelso will complete the deal through portfolio company BradyIFS, according to sources.
Representatives for Femsa, Warburg Pincus and Kelso declined to comment.
Monterrey, Mexico-based Femsa announced in February a strategic review of some non-core businesses, including its stake in Dutch brewer Heineken NV, as well as Envoy Solutions.
Envoy Solutions, based in Glenview, Illinois, provides a wide range of packaging and food services, from corrugated boxes to house cleaning.
Femsa, a beverage distributor, bottler and convenience store operator, acquired a 20% stake in Heineken in 2010 before cutting its stake. Last year it acquired Valora, a Swiss company that operates about 2,700 cafes and convenience stores, for $1.2 billion to expand in Europe.