Lion Capital, Bain Capital and HPS Investment Partners, the private equity owners of Young's Seafood, officially started the sales process for the frozen food group, the company told IntraFish Thursday.
Speculation has been mounting over Young's future since December, with Japanese conglomerate Mitsubishi Corporation – the owner of canned food producer Princes – rumored to be plotting a bid.
"We have sent out notification that we intend to start a structured and open bidding process with all interested parties for the sale of the Young's Seafood group," a spokesperson for the Grimsby-headquartered firm said in a statement sent to IntraFish.
