A consortium led by Slovenian state investment vehicle SDH has placed a majority stake in confectionery-to-frozen food maker Zito on the block.

The consortium has put 51.55% of Zito's outstanding shares up for sale. The remaining share capital will continue to be traded publicly on the Ljubljana stock exchange.

The sale will be run as a two-round process with the submission of indicative offers in phase one and the submission of binding offers in phase two, following due diligence, the consortium revealed today (16 September). The deadline for first round submissions is 31 October.

Zito has a market capitalisation of EUR42.7m (US$55.42m), according to data published by the Ljubljana stock exchange. Shares in the group were trading at EUR119.9 at the time of writing and the company has seen its shares price rise by 114.1% over the past year.

According to the company's annual report, Zito reported 2013 sales of EUR110.9m, operating profit of EUR3.1m and net profit of EUR2.2m.

The company's operations span the bakery, cereals, confectionery, organic and frozen sectors. Zito is one of the largest food makers in southern Europe. However, the group has been squeezed by economic and market pressures as well as a decline in spending power in Slovenia.