Two potential buyers - thought to be distressed buyout funds - are understood to have been weighing an acquisition of the Arq Group Limited (ASX:ARQ), which recently sold a major part of its business to Quadrant Private Equity. The thinking is that it would likely be pens-down on a transaction for now, but given the company has a market value of only $8 million, it may be small enough for a distressed buyout fund to take a risk and snap it up for cash.