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Nestle is exploring a possible sale of frozen foods business Davigel for about 300 million euros ($400 million), three sources familiar with the matter told Reuters on Monday, as part of a drive to trim its sprawling portfolio.
The world's largest food company, which said on Monday it sold its PowerBar business, is close to appointing a bank to advise on the possible sale, the sources said.
Nestle declined to comment.
Potential buyers were likely to include food service providers such as Brake Brothers, Booker Group and Sodexho (EXHO.PA: Quote, Profile, Research, Stock Buzz) as well as private equity firms, the sources said. Bain & Co and Clayton, Dubilier & Rice are obvious choices, one said, since both have invested in food service in the past.
