Plasmon is best known for its baby biscuits made with powdered milk, minerals and vitamins. Kraft Heinz is selling the Italy-focussed brand in order to cater to other brands in its basket which have more of a global each.

On Thursday, according to two sources familiar with the matter at hand, U.S. packaged food giant Kraft Heinz has begun the divestment of its baby food brand Plasmon; preliminary bids are slated to come in by the end of next week.

Sources say, food groups as well as private equity firms are eyeing the business which could be worth around $783 million (700 million euros).

According to another source, PAI Partners is among the investors who are likely to present a preliminary bid; private equity firm Cinven could also be interested.

Incidentally, Kraft’s Plasmon brand has mainly an Italian base and Kraft intention to sell it is that it will enable it to focus on more of its global brands, said a source.

Italian financial newspaper, Il Sole 24 Ore, reported Kraft Heinz has hired U.S. bank JPMorgan to advise it on the sale.

Kraft Heinz, JPMorgan PAI Partners, and Cinven declined comment.

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Tags: baby food, brand, Cinven, divestment, global brands, Il Sole 24 Ore, investors, Italian base, Italian financial newspaper, JPMorgan, Kraft Heinz, packaged food, PAI Partners, Plasmon, preliminary bids, private equity firms, sale, valuation