Wild Flavors is reportedly geared up for sale in a deal that could value the ingredients firm at €1.5bn.
Information packages to pre-selected bidders are expected to be sent later this month by Citigroup, which is managing the sale process, sources familiar with the matter told Reuters.
First bids are expected to be made by April-end. Meanwhile, a potential stock market listing is underway.
Wild is 65% owned by Hans-Peter Wild, son of founder Rudolf Wild, while the remaining 35% is held by private investor KKR.
Rivals such as Givaudan, Symrise, IFF, Sensient Flavors, Ingredion and Ajinomoto are likely to bid for the German flavors firm, the sources said, adding that private equity groups such as Advent, EQT, Cinven, BC Partners, CD&R and Permira would also be invited for the bids.
In 2013, Wild generated revenues of around €900m.
Recently, the company acquired natural extracts and aroma chemicals maker Alfrebro, mint oil maker AM Todd and Cargill's juice blends business.
