A British buyout firm, Epiris, is currently in competition with Italian food producer Newlat for the acquisition of Princes Foods, a prominent tinned produce manufacturer in Britain. According to reports from Sky News, Epiris is looking to finalize the deal within the coming days.

The ongoing bidding process has seen Epiris and Newlat vying for ownership of Princes, with both entities still actively participating in the negotiations. Princes Foods is known for its production of tinned fish and fruits, as well as a variety of soft drinks and sunflower oil under the Flora brand.

The auction for Princes represents Mitsubishi Corporation’s efforts to divest the company, as the Japanese conglomerate, which has owned Princes since 1989, has been seeking a suitable buyer for the business. Previous attempts to sell the company earlier in the year were unsuccessful due to a lack of interest at the desired price point.

The anticipated cost of the acquisition for the winning bidder is expected to be at least ┬ú400 million. Despite a decline in sales in 2022, Princes Foods remains a significant player in the UK’s food industry, generating close to ┬ú1.5 billion in revenue in the fiscal year ending March 2022.

There have been suggestions from bankers that the possibility of a potential break-up of the company, with its oils business being a potential separate entity for disposal. Epiris and Houlihan Lokey, the investment bank managing the auction, have not provided any comments in response to inquiries.