(Adds detail on deal)
LONDON Aug 15 Private equity funds TPG
, Nordic Capital, CVC and Cinven are
among those to have put in first-round bids for Finnish
insulation material maker Paroc, five sources familiar with the
matter said on Friday.
First-round bids were due last week. One source said the
bids from the private equity funds ranged from about 700 million
euros ($937 million) to 750 million euros.
Reuters reported in February that Lazard was running
the sale. Lazard and the private equity firms declined to
comment. Paroc was not immediately available to comment.
Paroc is owned by a consortium of banks and institutional
investors, which is whittling down bidders for a second round.
The company is pursuing a growth strategy in Russia, one
Paroc was taken over by its lenders from Bahrain-based
investment firm Arcapita in 2009.
Lazard also advised on the 2006 sale of Paroc to Arcapita
and its 2009 debt restructuring, after global construction
slumped during the financial crisis and Paroc's sales dropped by
almost 30 percent.
(Reporting By Freya Berry; editing by Pamela Barbaglia and