Private equity firms Apax Partners and EQT Partners are said to be preparing second-round bids for German discount fashion retailer Takko ModeMarkt GmbH & Co after it was put up for sale by parent Advent International.

Advent bought Takko from another private equity group, Permira, for EUR770m (US$1.05bn) back in July 2007. The deal was agreed in partnership with Takko's management team led by its managing director, Arnold Mattschull.

The German chain operates 1,412 stores in Central and Eastern Europe and is valued at around EUR1,250m. An initial public offering is also being considered.