UPDATE: In a statementon Wednesday, Nestle announced it is in exclusive talks to sell Davigel to Brakes Group, confirming the Reuters source's report. The company said that it did not hit a long-term sales goal in 2014 and does not have a positive outlook to hit that target this year. Credit Suisse still did not release financial details, saying instead that the deal "was subject to consultation with works councils and the approval of the competition authorities,"Reutersreported.

Dive Brief:

• According to aReuters source, through ongoing discussions, Nestle SA is getting closer to signing a deal withBrakes Group, owned by Bain Capital, to sell Nestle's Davigel frozen foods unit. The talks were previously reported by French daily Les Echos.
• AnotherReuters sourcesaid that Credit Suisse, who is heading up the potential deal for Nestle, may raise between $211 million to $317 million.
• Reutersreports, "Davigel, which supplies frozen and chilled meals and ice cream to restaurants and hospitals, was part of the Buitoni frozen food business Nestle bought in 1989."

Dive Insight:

Food Divereportedon Nestle's looking at options for Davigel back in November.

This potential deal would be the latest in a string of sell-offs by Nestle, which has been dedicated to getting rid ofunder-performing segmentsas of late. These have included its U.S. frozen pasta business, the PowerBar and Musashi brands, bothsold to Post Holdings, a majority of its Jennie Craig business, and a 10% stake infragrance and flavor maker Givaudan.