CINCINNATI -- AdvancePierre Foods is interviewing investment banks to prepare for a sale that could value the private equity-owned convenience store foodservice supplier at more than $2 billion, including debt, people familiar with the matter told Reuters.
Its owner, Oaktree Capital Group LLC, is meeting with banks this week in order to appoint financial advisors that will help with the company's sale process, the people said. The sources asked not to be identified because the deliberations are confidential.
Representatives for AdvancePierre and Oaktree did not immediately respond to the news agency's requests for comment.
Cincinnati, Ohio-based AdvancePierre manufactures packaged sandwiches, fully cooked and uncooked meat products and bakery items that are distributed to convenience stores, supermarkets, warehouse clubs and schools. The company has more than 4,000 employees and generates annual revenue of $1.6 billion.
AdvancePierre Foods was formed in 2010 when Pierre Foods, which Oaktree acquired out of bankruptcy in 2008, merged with Advance Foods Co and Advance Brands LLC.
In January, AdvancePierre entered into an agreement to acquire the wholesale and manufacturing operations of Landshire Inc., a manufacturer of sandwich products in the same channels.
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