Del Monte Foods is considering the sale of its ubiquitous but slow-growing canned-food business, the Wall Street Journal reports.
The San Francisco-based company would focus on its profitable pet food business, which includes Milk-Bone and Kibble ‘n Bits, 9Lives and Meow Mix, according to the San Francisco Business Times.
Del Monte added to its offerings in the pet food aisle last month when it agreed to purchase Natural Balance Pet Foods from San Francisco private equity firm VMG Partners and other investors.
Del Monte was taken private in 2011 by a private equity group led by KKR.
The Journal says Del Monte hired Centerview Partners and Morgan Stanley to help market the company’s canned-food business, citing people familiar with the matter.
