Sara Lee’s proposed sale of its bread business will generate some interest from strategics and private equity firms, but don’t expect a hot bake-off.
Downers Grove, Ill.-based Sara Lee, which seems to be always selling something, has hired Bank of America to advise on options for its food and bakery unit for around $1 billion, according to Crain’s Chicago Business.
Pepperidge Farms, which is owned by Cambpell Soup Co., has showed interest in the unit, Crain’s says. Other potential bidders include Grupo Bimbo S.A. de C.V. and Flowers Foods Inc.
Canada’s George Weston, which owns Loblaw Co. Ltd. and Weston Foods, also could make a bid, one banker said. As for private equity names, there is Hostess Brands (fka Interstate Bakeries), which is 50% owned by Ripplewood Holdings.