Apollo, Bain Said Among Bidders for Continental Industrial Unit

Apollo Global Management Inc. and Bain Capital are among the private equity firms bidding for Continental AG’s industrial unit, people familiar with the matter.

Advent and CVC Capital Partners Plc have teamed up to make an offer for the ContiTech business, according to the people. Platinum Equity, KPS Capital Partners and Clearlake Capital have also progressed to the next round of bidding, the people said.

A deal could value ContiTech, which makes industrial components including conveyor belts and air springs, at roughly €3.5 billion ($4.1 billion) to just over €4 billion, the people said. Bankers are working on ...