(Bloomberg) -- Advent International is in advanced talks to buy Chinese health-food and bakery chain Wagas, according to people familiar with the matter.

The Boston-based buyout firm has emerged as the likely buyer of the closely held company after beating rival bidders, the people said, asking not to be identified because the deliberations are private. The investor is firming up details of a deal agreement that could be reached as soon as in the coming weeks, the people said.

The owners of Wagas have been seeking a valuation of $800 million to $1 billion or more, based on previous transactions in the industry as well as initial interest, Bloomberg News has reported. 

Other private equity firms and industry giants such as Yum China Holdings Inc., Jollibee Foods Corp. and Restaurant Brands International Inc. had also shown preliminary interest in acquiring the company, people familiar with the matter said at the time.

Talks between Advent and Wagas are still ongoing and no final decision has been reached, the people said. A representative for Advent declined to comment, while Wagas didn’t immediately respond to requests for comment. 

Founded in 1999 as a cafe in Shanghai, Wagas has since expanded across China, counting more than 160 stores, according to its website. It sells light meals including power salads, pasta, sandwiches, juices and coffee.

©2022 Bloomberg L.P.