(Bloomberg) -- Buyout firm Permira is considering a sale of specialty chemicals manufacturer CABB for more than €1 billion ($1.06 billion) after plans to list the company in Switzerland didn’t bear fruit in 2022, according to people familiar with the matter.

The private equity group is working with an adviser on a potential deal and has held initial talks with potential buyers, said the people, asking not to be identified discussing private information. First-round bids are due in early May and other private equity firms are expected to express interest, they said.

CABB, based in Sulzbach, Germany, may be valued at €1 billion to €2 billion in a sale, the people said.

Permira declined to comment. 

CABB manufactures chemicals used in personal care and cleaning products, including disinfectants, sales of which boomed during the pandemic. The company’s products are also used in pharmaceuticals, food and pesticides. CABB also acts as a contract manufacturer for agrochemical companies.

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