Multinational food and beverage company Nestle announced this week it is exploring options to sell off its subsidiary Davigel—provider of branded frozen and chilled food products, ice-cream and solutions for out of home in Europe as part of its on-going portfolio review.

The company is currently in exclusive negotiations to sell Davigel to the Brakes Group, a European food service operator owned by the private equity manager Bain Capital. Nestle said the decision came as part of its ongoing portfolio review.

 Financial details of the transaction are not being disclosed.