AMP's Jeminex sale could fetch up to $388 mln-sources

SYDNEY, July 18 (Reuters) - The private equity arm of AMP Ltd (AMP.AX: Quote, Profile, Research, Stock Buzz) has received several offers for Jeminex Group, a company in its portfolio with an enterprise value of up to A$400 million ($388 million), two sources familiar with the matter told Reuters.

Several private equity funds, including Pacific Equity Partners, CVC Group and CHAMP Private Equity and conglomerate Wesfarmers Ltd (WES.AX: Quote, Profile, Research, Stock Buzz) could be interested, the sources said.

AMP Capital Investors, part of fund management group AMP, is being advised by Caliburn Partnership but it was unclear when a final decision on the sale would be taken.

Industrial services company Jeminex made an operating loss of A$4.4 million in fiscal year ended June 2007 after it took a goodwill impairment charge. But revenue rose 54 percent to A$159.2 million.

"They have had approaches from some parties and all options are still being explored," said one source, who declined to be named as he was not authorised to speak to media. But he said no formal sale process was being run.

Wesfarmers, which has an industrial safety division similar to Jeminex, was not available for an immediate comment.

An initial public offering (IPO) was another option being considered, the source added.

AMP acquired the business in April 2005 as part of a management buyout and Jeminex has acquired ten businesses since then.

AMP did not return calls seeking comments.

Jeminex operates four divisions, including industrial supplies, workwear and personal safety. Demand for Jeminex's products has been driven by the boom in mining sector. ($1=A$1.03) (Reporting by Denny Thomas; Editing by James Thornhill)