Advent International has joined the list of parties which remain in the running to buy US sandwich chain Subway.

The firm, which used to own DFS and HMV, is understood to be one of several private equity firms which have progressed to through to the second stage of the auction for the global fast food chain, Sky News has reported.

Advent submitted an indicative offer for the US-based company – which could fetch a valuation of between $8bn (£6.6bn) and $10bn (£8.3bn) – earlier this month, joining rival bidders Goldman Sachs’ asset management arm, Bain Capital, TDR Capital – the joint owner of Asda – and TPG.

Sky News also claimed that BrewDog investor TSG Consumer Partners, had been monitoring the situation.

Subway confirmed last month that its shareholders were exploring “a possible sale of the company”.

“There is no indication of timing or assurance that a sale will occur. JP Morgan is advising the company and will conduct the sale exploration process. The company does not intend to make any further public comment regarding the process until it has been completed,” a statement from Subway stated in February.