(Bloomberg) -- Private equity firm Astorg is exploring options including a potential sale for French food-ingredients maker Solina that could value the business at as much as €4 billion ($4.3 billion), according to people familiar with the matter.

The firm is set to run a process to hire bankers for the sale after the summer, with the transaction launching early next year, the people said, asking not to be identified discussing confidential information.

A representative for Luxembourg-based Astorg declined to comment.

Solina, which makes ingredients for the food industry and food service, has about €1.5 billion in revenue, according to its website. The company, based near Rennes in western France, employs more than 3,900 people.

Astorg acquired Solina from Ardian in 2021. The French company has since made a number of acquisitions, buying the likes of UK-based Zafron Foods, a maker of mayonnaise, sauces and condiments, and Canada’s Lynch Foods, which manufactures sauces, syrups and dessert toppings.

The planned sale of Solina comes in the wake of International Flavors & Fragrances Inc.’s deal this year to sell its pharma solutions business to French plant-based ingredients maker Roquette in a deal valued at $2.85 billion.

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