Talks were at an advanced stage and a deal is expected to be signed shortly, French daily Les Echos reported earlier today (April 14).
Credit Suisse is understood to be handling the sale for Nestlé, and estimates put the value of the deal at between €200M and €300M (£144.3M–£216.4M). Reports also surfaced on Reuters’ website.
Reuters reported last year that Nestlé was considering selling the frozen food business and that Brakes was one bidder in the frame.
Davigel supplies products such as ice cream and frozen desserts to a range of foodservice and catering customers, so its business complements Brakes’s offer.
Nestlé, which is headquartered in Vevey, Switzerland, announced two years ago that it would consider selling underperforming businesses, particularly following struggling trade in European markets.
Bain Capital has declined to comment on the reports.