(Bloomberg) -- US private equity firm KKR & Co. and Japanese shipping company Mitsui OSK Lines Ltd. are among bidders for bulk liquid storage company LBC Tank Terminals, people with knowledge of the matter said.

VTTI Energy Partners LP is also considering making an offer, with indicative bids due in December, said the people, who asked not to be identified as the information is private. Several other infrastructure funds, buyout firms and companies may also make preliminary offers, they said.

The sale could value the Netherlands-based company at more than €1.5 billion ($1.6 billion), the people said. APG Asset Management, Ardian SAS and PGGM, which jointly own LBC Tank Terminals, have hired Macquarie Capital to handle the auction process, they said. 

Representatives for KKR, Mitsui, VTTI, APG, Ardian, PGGM and Macquarie declined to comment.

LBC operates bulk liquid storage facilities for petrochemicals, petroleum products and base oil products in Europe and the US. It also offers loading and unloading services for all modes of transportation. The company has a storage capacity of 2.9 million cubic meters and about 500 employees worldwide, according to its website. Ardian bought a 35% stake in LBC in 2017.

LBC’s owners have been working with advisers on the potential divestment of the bulk liquid storage company, Bloomberg News reported in June.

VTTI is co-owned by IFM Investors, Vitol Group and Abu Dhabi National Oil Co., according to its website.

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