Abraaj was previously a sole bidder for the majority stake according to Reuters, but has since roped in TPG to bolster its offering according to three banking and industry sources.
It said Kudu is currently worth about $533m based on a valuation of about 20-times earnings.
Bloomberg reported in September that KKR and Abraaj had been shortlisted for the second stage of the bidding process for Kudu, which operates 200 restaurants.
The sale is managed by banking group HSBC’s Saudi unit, it added.
Deutsche Bank and Goldman Sachs have been picked to ready the listing for the first quarter of 2013.
Abraaj currently owns a 51 per cent stake in Stanford, with Waha Capital controlling the rest.
Copyright © 2013 AltAssets