(Bloomberg) — Partners Group Holding AG has selected banks for a potential initial public offering of Ammega Group BV as the private equity firm explores options for the European conveyor-belt maker, according to people familiar with the matter.

Bank of America Corp. and UBS Group AG are the leading arrangers for a listing that’s earmarked for late 2025, said the people, who asked not to be identified because the matter is private. The plans are preliminary and may still change, while additional banks could still be appointed, the people said.

Representatives for UBS, Bank of America and Partners Group declined to comment.

Partners Group has started to evaluate exit strategies for Ammega, Bloomberg News reported last month. Although Ammega is based in the Netherlands, the buyout firm is considering Zurich as a potential listing venue, people familiar said at the time.

The company was formed in 2018 through the merger of power transmission belts-maker Megadyne Group and conveyor-belts company Ammeraal Beltech. The group has more than 20 manufacturing facilities to make belts and hoses for a range of uses, from food production to logistical centers.

Ammega is one of Partners Group’s largest portfolio holdings by net asset value, according to the buyout firm’s public disclosures.

Pressure is building on private equity groups to return capital to their funders, raising the prospects of a revival in first-time share sales. The owners of Stada Arzneimittel AG are preparing for an IPO of the German drugmaker after talks to sell the company privately cooled down, as is car-parts dealer Autodoc SE, which is backed by Apollo Global Management Inc, Bloomberg News reported.

Still, the threat of tariffs on US imports under a second Donald Trump presidency could affect Europe’s IPO pipeline, particularly those candidates that are more reliant on exports.

More stories like this are available on bloomberg.com