European investment company Permira has begun the process for the sale of its 50% stake in Asian aquatic food provider Grobest, targeting a valuation of about $1 billion for the Taiwan-based company, said three sources close to the matter.
Permira, which manages about 80 billion euros ($85.28 billion) of global assets under private equity and credit funds, has hired Morgan Stanley (NYSE:MS) to run the process, expecting non-binding bids by the end of first week in May, one of the sources and a fourth person said.
A company backed by Permira funds acquired a 50% stake in Grobest in 2018 for an undisclosed sum. One of the sources said the stake cost Permira about $400 million.
A shareholder group led by Grobest’s CEO and chairman holds the remaining 50% and could be open to sell its stake in the sale, which would result in the buyer controlling the company, said two of the sources, who all declined to be named because the information is confidential.
Grobest does not disclose its financial performance on its website but its expected annual revenue is about $1 billion, one of the sources said.
