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CCMP seeks to sell Nowaco Central

Private equity firm CCMP Capital Advisors is seeking to sell chilled and frozen food distributor Nowaco Central Europe for about €250 million ($347 million), three people familiar with the matter said.

CCMP has hired JPMorgan as financial adviser, the sources said. First-round bids have already been submitted, one of the sources said.

CCMP, which was spun out of JPMorgan in 2006, bought Nowaco Central Europe from Denmark's Nowaco A/S for around €90 million in 2005, along with Eastern European-focused buyout firm Bancroft Private Equity. Nowaco Central Europe distributes chilled and frozen food in the Czech Republic, Slovakia and Hungary. C

CMP and Bancroft declined to comment. JPMorgan did not immediately return a request for comment. (Reuters)