The business could be sold for as much as £250m and the UK private equity firm is already in talks with investment bankers, said Sky News, citing people familiar with the matter.
If Ambassador is sold for £250m, Exponent will bag a return of more than two times on its £134m investment made in November 2009.
The firm is likely to appoint advisers in September this year and sell the business in the first quarter of 2014, said the report.
Ambassador posted profits of £15.5m last year on sales of £111m, up 17 per cent from 2011.
Earlier this year it was reported that Exponent was in talks with whisky maker Loch Lomond Distillery Company over a possible takeover.
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