Family-owned Erwin Hymer Group has attracted interest from private equity as it explores a stock market flotation which could value the German RV manufacturer at up to $3.51 billion, people close to the matter said.

Reuters reported that buyout groups KPS and Centerbridge are expected to submit final bids by early September for the owner of the Hymer, Dethleff’s and Buerstner recreational vehicle brands, the sources said, adding that Hymer’s owners may still opt for a listing.

Erwin Hymer Group is currently conducting a dual track process, with options including an initial public offering (IPO) or taking in an external investor, a Hymer spokesman said.

Centerbridge declined to comment, while KPS was not immediately available for comment.

The family owners, which are seeking funds for Hymer investments in North America and Asia, initially only planned to divest a minority, but have opened up to the idea of selling a controlling stake, the sources said.

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