Advantage Partners, TPG and J-Will Partners are among those planning to bid for a Japanese maker of the food sweetener trehalose, a deal that could be worth as much as 40 billion yen ($467 million), three people with direct knowledge of the deal said. The company Hayashibara, which failed in February owing 130 billion yen in debt, has been looking for an investor to keep its business going. It hired GCA Savvian Group as a financial advisor. Trading houses such as Mitsubishi Corp and Toyota Tsusho Corp may also place bids, the people said, adding that private equity firms and strategic investors could team up.
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