(Bloomberg) -- PAI Partners is considering a potential sale of French grocery retailer Euro Ethnic Foods, people with knowledge of the matter said.

The European private equity firm is working with advisers to gauge interest in the company, which is known as EEF, from potential investors, according to the people. 

EEF operates the grocery section of the Grand Frais stores. PAI may seek a valuation of around €1.5 billion ($1.6 billion) in any sale, the people said, asking not to identified as the information isn’t public.

Deliberations are ongoing and there’s no certainty they’ll result in a sale, the people said. A representative for PAI declined to comment, while a spokesperson for EEF wasn’t immediately available for comment.

PAI agreed to buy 60% of EEF in 2020, with family founders Léo and Patrick Bahadourian owning the rest.

EEF is present in France, Belgium and Luxembourg as part of its agreement with Grand Frais. In addition, the company supplies grocery products to independent shops, as well as networks of organic and bulk-purchase stores.

Grand Frais stores sell fruit and vegetable as well as meat and diaries under different brands. Ardian-backed Prosol manages the fruit, vegetable and seafood sections of Grand Frais stores.

--With assistance from Vinicy Chan.

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