Earlier this month it emerged that Charterhouse had dropped plans to sell the greetings card maker after receiving bids it believed undervalued the business, which is estimated to be worth more than £500m including debt.
The firm will now focus on refinancing The Card Factory rather than hold another sale or attempt to list on a stock market according to Reuters, which cited baking sources.
Bidders in the previous sale process were thought to include Cinven, Advent International, KKR and Clayton Dubilier & Rice according to a previous report in the Telegraph newspaper.
Earlier this year AltAssets reported that Charterhouse was considering a 12 month extension to the investment period of its €4bn ninth fund.
The firm has until next March to finish investing the vehicle, which has about £1.6bn left to draw down.
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