Candover, which sold RIM for £560m to Johnston Press in April, is said to be recruiting a local management team to lead a buyout of the newspapers, which SMG hopes to sell for around £200m.
The team is expected to be led by Ernest Petrie, a former managing director of Thomson Regional Newspapers. Candover is also believed to be sounding out Chris Oakley, the former head of RIM, about getting involved.
SMG has set a deadline of September 27 for indicative offers for the business, which includes The Herald, the Sunday Herald and the Glasgow Evening Times.
Other bids are expected from Johnston Press, the Daily Mail & General Trust, Independent News & Media, Trinity Mirror and the Guardian Media Group.
SMG is likely want the deal done and dusted long before this date, because it is set to renegotiate its £400m lending facility in June with creditors.
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