The Carlyle Group Inc. (NasdaqGS:CG) and CVC Capital Partners SICAV-FIS S. A are believed to be the front runners in the race to acquire Trendcell Sdn. Bhd., the owner and operator of high-end supermarket chain Jaya Grocer, said sources, after outbidding at least two other offers. It is learnt that the two private equity firms are negotiating to buy a part of, a majority, or the entire supermarket business of Trendcell, which rang up MYR 1.32 billion in sales in 2020, for as much as MYR 1.1 billion. “Negotiations are still ongoing. AIGF Advisors Pte. Ltd. wants to sell its (45%) stake but (all) owners are open to the sale of a majority or even the entire business,” one source says, pegging a 100% stake in the business at between MYR 800 million and MYR 1 billion. In order to gain control of Trendcell, the PE firms are willing to accord Trendcell a higher value, another source tells The Edge. “CVC and Carlyle are bidding for control at MYR 1.1 billion,” the source said.