British private equity firm Terra Firma Capital Partners Ltd. is gearing up for a management buyout of Consolidated Pastoral Co. Pty Ltd., or CPC, Reuters reported, citing CPC CEO Troy Setter.

The buying consortium is being led by Terra Firma's founder and chairman, Guy Hands.

Terra Firma reportedly has sold about 40% of the land it owned to raise around A$310 million in the last 18 months, but CPC still has over 3.2 million hectares, allowing it to remain the largest private cattle company in Australia.