The pair have already seen off other buyout interest in the consumer marketing company according to Reuters, which cited people familiar with the matter.
Apax bought AS&M from peer JW Childs Associates and Bank of America Merrill Lynch’s private equity unit in 2010, in a deal thought to be valued at about $1.8bn.
AltAssets reported in April that Apax had hired Bank of America Merrill Lynch to run an auction for AS&M.
The company provides outsourced sales, marketing and merchandise services to manufacturers, suppliers and producers of consumer packaged goods in the US.
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