Archie Norman, who helped revive British supermarket chain Asda, hopes to team up with private equity backers to make a 1.3 billion pound ($2.59 billion) bid for Brakes, a catering food supplier, according to the Tuesday edition of the Times.
Norman was understood to be planning to get together with two of the main bidding parties, which comprise U.S. buyout firms Blackstone Group and Bain Capital as well as UK-based CVC Capital Partners and Cinven, the newspaper said in an unsourced report.
Comments were not immediately available from Norman, CVC or Cinven.
People familiar with the matter told Reuters in November that private equity firm Clayton Dubilier Rice was mulling the sale of its Brakes business in the second half of 2007 as it seeks to realise returns from older investments. The buyout firm bought the business in 2002 for 434 million pounds.
The Times said investment banks JPMorgan and Deutsche Bank had been hired to sell Brakes. They were preparing to send financial information to potential buyers this week, it added.