AdvancePierre owner Oaktree Capital Management is said to be preparing to sell business

AdvancePierre owner Oaktree Capital Management is said to be preparing to sell business

US sandwich maker AdvancePierre Foods is reportedly being prepared for a sale.

According to Reuters, AdvancePierre's private-equity owner, Oaktree Capital Management, is meeting with banks to appoint financial advisors to assist with a sale of the company.

The sale could fetch more than US$2bn, according to people familiar with the matter.

Oaktree declined to comment when approached by just-food. AdvancePierre could not be reached for comment at time of press.

Last month, AdvancePierre struck a deal to buy the manufacturing operations of fellow US sandwich firm Landshire.

AdvancePierre was created in 2010 through the merger of Pierre Foods, Advance Food Company and Advance Brands.