Goldman Sachs is reportedly blocking Blackstone Group’s Steve Schwarzman and Henry Kravis of Kohlberg Kravis Roberts from participating in the auction of Sara Lee’s household and personal-care business, reports The New York Post.
According to two people close to the auction process, both firms had expressed interest in purchasing the division, but Goldman has told interested parties that they must bid for the entire operation and cannot partner with private-equity firms to complete a transaction.
The household and personal-care segment of Sara Lee’s business makes up about 18 percent of their $13 billion in annual sales, and the company reportedly hopes to sell it for more than $3 billion. So far, Colgate-Palmolive, Clorox, and SC Johnson have expressed interest. One source reports that they may only be interested in pieces of the business, however, and would want to purchase with a partner, possibly a private-equity firm.