Private equity firms KKR and CVC Capital Partners have reportedly appointed HSBC and Goldman Sachs to advise them on a joint bid to acquire a majority stake in Kuwait Food Co (Americana).

Reuters reported on Tuesday (18 November), citing sources familiar with the matter, the PE firms would be joining Savola in the race to takeover Americana. Second round bids for the Al-Kharafi family’s 67% stake were submitted on 10 October.

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On 5 November, Americana said its major shareholder, Al Khair National for Stocks and Real Estate Co., was in preliminary talks with “various parties” to sell its share in the business.

KKR declined to comment when approached by just-food, adding “the company don’t comment on rumour or speculation”. CVC, HSBC and Goldman Sachs did not respond to requests for comment.