(Bloomberg) -- Brazilian conglomerate Cosan SA is working with American banks on a potential US initial public offering of its Moove lubricant business, according to people familiar with the matter.

Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. are the banks working with the firm, said the people, who asked not to be named because the information isn’t public. A US listing could come as early as the second half of the year depending on market conditions, they said.

Moove produces, sells and distributes lubricants and greases to industries including automotive and agriculture, according to its website. The firm said it is one of the largest producers and distributors of lubricants and basic oils in South America, Europe and the US.

Cosan owns about 70% of Moove and CVC Capital Partners Plc has a 30% stake that the buyout fund acquired about six years ago for 562 million reais — valuing Moove at approximately $487 million at the time. CVC aims to sell at least part of its stake, the people said.

The transaction target is an equity sale that values Moove at more than 10 times earnings before interest, taxes, depreciation and amortization, the people said. Moove’s earnings on that adjusted measure were 329 million reais ($60 million) in the first quarter, according to quarterly filings from Cosan.

Moove, Cosan, CVC, BofA, Citi and JPMorgan declined to comment.

Cosan is controlled by Rubens Ometto, the Brazilian billionaire who turned his family’s sugar-cane fields into one of the world’s largest biofuel companies. His conglomerate includes a joint venture with Shell Plc and the country’s largest independent railway operator.

--With assistance from Felipe Saturnino and Dayanne Sousa.

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