Montagu has hired PricewaterhouseCoopers to run the sale process according to the UK’s Telegraph newspaper, which did not say where the information came from.
The firm paid £244m to buy the business from fellow buyout house Graphite Capital in 2004.
A sale to a rival private equity firm or larger trade player is considered most likely, the report said, saying an IPO had been dismissed given the large number of public listings currently being lined up.
Montagu previously attempted to exit the business in 2011 by hiring KPMG to run a sale process.
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