Both firms are into the second round of bidding for the business according to Reuters, which cited people familiar with the matter.
It added that the interested private equity firms could borrow more than seven-times the company’s EBITDA to seal a leveraged buyout.
The news follows reports yesterday that Bain had agreed to buy a 50 per cent stake in casual footwear business TOMS Shoes.
The firm beat other private equity firms to strike the deal, which values the company at $625m, including debt, according to sources cited by Reuters.
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