French private equity fund Ardian has started talks with two buy-out firms for the sale of its majority stake in chemicals and pharmaceuticals producer Novacap.

The firm is in exclusive negotiations with Eurazeo and Merieux Developpement for the controlling share which Ardian acquired in January 2011 for €240 million. The two French investors fought off rival bids from Blackstone and CVC Capital Partners.

The purchase price is reported to be a potential €700 million ($783 million). Ardian would retain a minority stake.

Headquartered in Lyon, France, Novacap had a turnover of €600 million in 2015. Since purchasing its stake, Ardian has expanded the company’s global reach, making a series of acquisitions and opening sites in France, Germany, China and Thailand. The most recent purchase was that of German fine chemicals and pharmaceutical ingredients manufacturer CU Chemie Uetikon in May 2015.

“Ardian has supported the company in its external and organic growth, reinforcing its position as a leader in specialty chemicals while successfully implementing its international expansion strategy,” Ardian said in a statement.

Novacap specializes in producing and distributing active pharmaceutical ingredients (APIs) as well as products for the healthcare, cosmetics, fragrances, food, homecare and environmental sectors.