Irish chocolate maker Lily O’Brien’s is said to be up for sale by private-equity fund Carlyle Cardinal Ireland (CCI).

The fund, which is jointly owned by Carlyle Group of the US and Ireland’s Cardinal Capital Group, is said to be in advanced talks with a single unnamed bidder, The Irish Times reported, without saying where it got the information. The company could sell for triple the EUR15m (US$17.5m) that CCI paid three years ago.

Ireland’s IBI Corporate Finance was reportedly hired by the fund earlier this year to find a buyer for Lily O’Brien’s, which was formed 25 years ago by former independent senator Mary Ann O’Brien. The company has boosted annual earnings to around EUR32m, the newspaper said.

It is unclear if the potential buyer is another private-equity fund.

Attempts by just-food to contact CCI and Carlyle Group to confirm the newspaper report were unsuccessful at the time of writing.

Lily O’Brien’s is a major exporter of chocolate, confectionery and desserts.