Lion acquired Bumble Bee in 2010 from another PE firm Centre Partners Management

Lion acquired Bumble Bee in 2010 from another PE firm Centre Partners Management

Private-equity group Lion Capital is reportedly setting out plans to run an auction for US-based canned seafood processor Bumble Bee Foods.

According to Reuters, Lion Capital is lining up meetings to appoint an investment bank to run the process.

A spokesperson for the private-equity firm declined to comment on "media speculation" when contacted by just-food today (1 July).

Lion Capital paid another buy-out house, Centre Partners Management, US$980m for Bumble Bee in 2010.

Announcing the deal, Lion Capital said Bumble Bee's brands held "unrivalled positions with US and Canadian consumers" and "had achieved an attractive record of consistent revenue growth and superior operating margins, even through economic downturns".

Bumble Bee claims to be "North America's largest branded shelf-stable seafood company". selling products including canned and pouched tuna, salmon and sardine. It owns brands including Bumble Bee, Brunswick and Snow's.