(Bloomberg) -- Buyout firms Bain Capital and Carlyle Group Inc. are among the suitors for Royal FrieslandCampina NV’s Friso infant nutrition brand, according to people familiar with the matter.

Baring Private Equity Asia Ltd. and Shijiazhuang Junlebao Dairy Co. may also consider bidding for the asset, which could be valued at about $1 billion to $2 billion in a sale, the people said, asking not to be identified as the information is private.

The Dutch food group is working with JPMorgan Chase & Co. for a potential disposal and the first round of bidding is due in the coming weeks, the people said. Bloomberg News reported a year ago that Royal FrieslandCampina had hired the bank to review options.

Deliberations are at an early stage and there’s no certainty the interested parties will make an offer, the people said, adding other bidders could emerge. Representatives for Bain Capital, BPEA, Carlyle and JPMorgan declined to comment, while Junlebao didn’t immediately respond to a request for comment. 

A spokesman for Royal FrieslandCampina said the company is exploring all strategic options for Friso, but didn’t comment further.

Friso manufactures formula for infants and toddlers and its products are available in 25 countries, according to its website. Euromonitor International had forecast the global market for infant formula to expand to $59.5 billion by this year, from $54.7 billion in 2020. The data showed Friso’s global share shrank to 3.3% in 2020, from 4.2% in 2017.

Reckitt Benckiser Group Plc last year sold its baby-nutrition business in Greater China to Primavera Capital Group for $2.2 billion. 

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