Galaxy Nutritional Foods, producer of plant-based dairy alternatives, has announced that its board of directors has been working with Goldman, Sachs & Co to explore strategic alternatives for the enhancement of shareholder value, including the possible sale of the company.

On 29 September, the board authorised Goldman, Sachs & Co to contact prospective purchasers. However, Galaxy said there can be no assurances that the company will be able to complete a sale or other strategic alternative.

"During the past several months, management has been working diligently on several fronts to position our company for a return to profitability and a realisation of the inherent value that we believe exists in Galaxy's strong brand names and distribution relationships," said Michael Broll, chief executive officer of Galaxy Nutritional Foods.

"We believe our previously announced agreement to outsource our manufacturing to Schreiber Foods will play a key role in restoring profitability, and we are pleased with the progress, to date, in the implementation of this relationship. Our ultimate goal is, of course, to maximise shareholder value, and one of the alternatives that must be considered involves the possible sale of the company to a third party. For this reason, the board of directors has authorised Goldman, Sachs to investigate the potential of such a transaction as an integral part of our considerations," Broll added.