Buyout firm Apax Partners hopes to recover at least some of its €450m equity on a medical logistics business that it is in the process of selling for a sizable loss, according to a person close to the situation.

Apax is in talks with bidders for Marken, the firm it bought for €975m in December 2009. The sale is being led by Morgan Stanley, with Apax expecting bids to come in "in the equity" - meaning that they will be above the value of the debt - the person said.