(Bloomberg) -- Cinven has picked Bank of America Corp. and Goldman Sachs Group Inc. to work on a potential sale of Partner in Pet Food, people with knowledge of the matter said. 

The private equity firm is in the early stages of exploring a sale of the Hungary-based pet food manufacturer, which could be valued at more than €2 billion ($2.2 billion), according to one of the people. 

No final decisions on a sale of Partner in Pet Food have been made, they said, asking not to be identified discussing confidential information. Representatives for Cinven, Bank of America and Goldman Sachs declined to comment.

The global pet-care market is projected to grow from $320 billion to almost $500 billion by 2030, according to estimates from Bloomberg Intelligence, and private equity firms are keen to take advantage of that growth. 

Apollo Global Management Inc. last month agreed to buy a minority stake in North American pet retailer PetSmart from BC Partners. In 2021, Hellman & Friedman and EQT AB teamed up to acquire Germany’s Zooplus AG, while EQT earlier this year agreed to buy UK veterinary drugmaker Dechra Pharmaceuticals.

Partner in Pet Food produces more than 450,000 tons of pet food per year, which gets distributed across 38 European countries, according to Cinven’s website. The private equity firm acquired the business in 2018.

A potential sale of Partner in Pet Food comes as Cinven puts the finishing touches on its next flagship buyout fund, for which it has exceeded its €12 billion target, according to a person with knowledge of the matter. 

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