Private equity groups Advent International and CVC Capital have teamed up to bid for Partner in Pet Food (PPF), a maker of animal food owned by Cinven, the Financial Times reported on Sunday.
The talks are ongoing although there is no certainty that a deal will be reached, the newspaper reported, citing people familiar with the matter.
Cinven had previously sought a valuation of roughly 2 billion euros ($2.16 billion) for the business, the report added.
Advent, CVC and Cinven declined to comment. PPF did not immediately respond to a Reuters request for comment.
Hungary-headquartered PPF was created via a series of acquisitions between 2000 and 2006. The pet food maker operates across Europe, including France, Italy and Germany according to its website.
Cinven bought, PPF in 2018, Advent had previously acquired the business in 2011 before selling it, to Pamplona Capital Management for 315 million euros in 2015.