Reuters news agency is reporting that New Zealand snack food business Griffin's Foods may be on the block.
Citing unnamed sources, Reuters reports Pacific Equity Partners has appointed investment banks to advise on a potential sale, which may value the company at up to $750 million, including debt.
Pacific Equity Partners conducted a strategic review of the business earlier this year. Bright Food of China last month said Griffin's was on its radar as it sought acquisitions to expand in Australia and New Zealand.
Griffin's, which makes biscuits and crackers including Milk Arrowroot, Chocolate Chippes and Gingernuts, has annual sales of more than $300 million per year.
PEP bought Griffin's from Danone for a reported $385 million in 2006. Last month, PEP and Unitas sold Independent Liquor for $1.3 billion to the Japanese brewer Asahi.