PE Firm Ardian Is Said to Seek Sale of Ingredient Maker Frulact

European private equity firm Ardian is exploring a potential sale of Frulact, a producer of natural fruit-based and plant-based specialty ingredients, according to people familiar with the matter.

The investment firm has tapped Evercore Inc. to help arrange the potential deal, the people said, asking not to be identified as the information is private. Frulact could be valued at less than €1 billion ($1.2 billion) in any transaction, they said.