A British buyout agency is hoping to triumph in a two-way battle for Princes Foods, one in every of Britain’s largest tinned produce producers.
Sky News understands that Epiris desires to safe a deal to purchase Princes inside days.
Epiris has been bidding in opposition to Italy’s Newlat in current weeks, with each mentioned to stay within the working.
Princes produces tinned fish and fruits, in addition to a spread of sentimental drinks and sunflower oil beneath the Flora model.
The public sale is the newest try by Mitsubishi Corporation, the large Japanese conglomerate which owns Princes, to dump the corporate.
An earlier course of performed this yr failed to attract curiosity at a sufficiently enticing value.
A deal is anticipated to price the profitable bidder a minimum of £400m.
The firm has been owned by Mitsubishi since 1989, however traces its roots again to 1900.
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Its gross sales declined in 2022, however stays one of many UK’s largest meals teams, with revenues of near £1.5bn within the yr to the tip of March 2022.
Bankers had beforehand advised {that a} break-up of the corporate was doable, with its oils enterprise one candidate to be disposed of individually.
Neither Epiris nor Houlihan Lokey, the funding financial institution working the public sale, responded to a variety of requests for remark.
Source: information.sky.com”