The stars seem to be lining up to make a bid on Kettle Foods, one of the darlings of the snack food aisle. Bloomberg and other news organizations report that Lance Inc. and Diamond Foods Inc. may be in the bidding for Salem, Ore.-based Kettle Foods.The Wall Street Journal adds that PepsiCo Inc. also may throw in its hat. According to Bloomberg, a deal may be announced in the near future.
Since 2006, London-based private-equity firm Lion Capital LLP has owned Kettle Foods, which reportedly had sales around $235 million in 2008. Reports speculate that the going price for Kettle might be substantially higher than its annual sales.
The companies reportedly involved in the bidding did not comment on the process, according to published reports.