DUBAI, (Reuters) – Two people familiar with the matter said that two buyout groups CVC capital Partners and Brookfield have offered to acquire a portion of the Middle East (NASDAQ:), Starbucks franchise owned by Alshaya Group.

Sources said that Alshaya Group in Kuwait, which is the leading regional brand franchisee owner, has been working with JPMorgan (NYSE) to sell a substantial minority stake.

Brookfield and CVC did not respond to Reuters’ request for comment. Alshaya Group declined to respond immediately to a Reuters comment request, and JPMorgan did not comment.

According to sources, Abu Dhabi state fund Mubadala as well ADQ also participated in the first round of bids. Mubadala did not comment while ADQ didn’t respond to our request.

According to Alshaya, the franchise of Starbucks in the region, which is backed by Alshaya, has more than 100 outlets across 14 countries, including Russia and some central Asian states.

Bloomberg reported earlier the news citing sources that the franchise’s overall value could reach $11 billion to $15 billion. Bloomberg also offered a 30% stake in the company.

As a first round bidding partner, it also identified Saudi Arabia’s Public Investment Fund. PIF refused to comment.

Alshaya Group, a privately owned company, claims it’s the oldest Kuwaiti company. It was first established in 1890. The group established trade links with India, Saudi Arabia, and Kuwait.

It also runs franchise businesses of H&M, Mothercare, Debenhams, American Eagle Outfitters (NYSE:) and Victoria’s Secret, among others.