Astorg Said to Explore Sale of €4 Billion Ingredient Firm Solina

Private equity firm Astorg is exploring options including a potential sale for French food-ingredients maker Solina that could value the business at as much as €4 billion ($4.3 billion), according to people familiar with the matter.

The firm is set to run a process to hire bankers for the sale after the summer, with the transaction launching early next year, the people said, asking not to be identified discussing confidential information.

A representative for Luxembourg-based Astorg declined to comment.

Solina, which makes ingredients for the food industry and food service, has about €1.5 billion in revenue, according to its website ...