Private equity buyers including Clayton, Dubilier & Rice (CD&R) and PAI Partners, alongside institutional investment group Ontario Teachers Pension Plan, have made it through the first round to acquire R&R Ice Cream, according to Reuters.
The UK-based company, which is owned by global alternative investment group Oaktree Capital Management, could fetch as much as €900m.
Oaktree took the company private in 2006 for £183m and merged it with a number of companies. It currently holds an 82 per cent stake.
The company recorded turnover in 2011 of €501m, with EBITDA of €66.2m.
Other firms previously reported to be interested in the sale included Apax Partners and Bain Capital.
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