High-flying Airborne sniffs out sale; EXCLUSIVE: Cold-kicker could bank a billion if it can prove it really works.(Airborne Freight Corp.)

Byline: JACK NEFF

jneff@crain.com

One of the biggest consumer-product successes of the decade, high-flying cold-fighter Airborne, is looking for a buyer. But there's a catch: While the buzz on the $300 million herbal supplement-that it prevents colds-has enabled it to leapfrog P&G and J&J brands to become the top seller in the cough-cold aisle, it's not clinically proven, which would prevent a new owner from claiming the product treats disease.

Summit Partners, a Boston-based private-equity firm that took a controlling stake in Airborne last year, has been quietly shopping the business in recent weeks, according to people familiar with the matter, …