Report: Oak Hill Frontrunner for Grocery Outlet

(Reuters) – Oak Hill Capital Partners, the private equity owner of drugstore chain Duane Reade Holdings Inc, is one of the frontrunners to buy discount chain Grocery Outlet, the New York Post said, citing a source close to the matter.

Oak Hill is competing with another private equity firm, CCMP Capital Advisors, for the retailer, the bids for which are expected to be around $400 million, the paper said.

According to the Journal, Goldman Sachs is expected to announce the winning bid this week.

Representatives of Oak Hill Capital Partners and Grocery Outlet could not immediately be reached for comment, outside regular U.S. business hours. (Reporting by Biswarup Gooptu in Bangalore; Editing by Rupert Winchester)