Equistone has hired advisers at Rothschild to review options for the UK-based business including a possible sale, said the Independent.
Allied Glass, which has annual sales of over £100m, could be sold for £150m later this year.
The private equity firm bought Allied Glass in a £75m secondary buyout deal from CBPE Capital in 2010 eight years after the French banking group bought it from Associated British Foods.
The company posted profits of £11.5m in the fiscal year ending December 2011.
Equistone, which used to be part of Barclays, has recently acquired French mortgage advisory business Meilleurtaux from CBPE.
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