Frozen meals maker Bellisio Foods is looking to exit the business through a possible sale in a deal that could value the company at around $800m.
The proposed plans are in response to tough market conditions as customers are switching to fresh food products.
Sources familiar with the matter were quoted by Reuters as saying that Bellisio's owner Centre Partners Management has recently approached investment banks to help it conduct an auction for the planned sale.
Nomad Foods, which recently bought Iglo Foods for $2.83bn, is believed to be one of the possible bidders for Bellisio.
The American private equity firm acquired Bellisio from Jeno Paulucci in 2011 for an undisclosed amount.
Based in Minnesota, Bellisio Foods manufactures and sells fresh and frozen food products in the US, Canada, and internationally. It offers Italian food items, at-home meals, and other food products under the Boston Market, Michelina's and Chili's brands.
The company operates production facilities in Jackson, Ohio; Austin, Minnesota and Vernon, California. Its production capabilities include USDA / FDA-approved refrigerated production, inline freezing systems for product cooling and freezing, in-house sub-component manufacturing and extensive warehousing and storage.
