Partners Group Holding AG and Cinven Partners LLP are interested in buying out German elevator parts maker Wittur, Reuters reported, citing unnamed sources.

Other private equity firms such as Advent International Corp. and BC Partners are also likely to submit bids for Wittur, with the offers likely to come to more than €1 billion, the sources told the news outlet.

Bain Capital LP, which acquired Wittur from Capvis Equity Partners AG and Triton for about €600 million in 2014, is looking to sell the company and expects first-round bids by early November. However, Bain could still choose a 2019 IPO for Wittur, the sources added.

The sources told Reuters that Wittur could be valued at 9x to 10x its projected 2018 EBITDA of €120 million.

Neither Bain nor the interested private equity firms commented on the matter. Deutsche Bank and Goldman Sachs, which are helping with Wittur's sale process, also declined to comment, according to the report.