Quorn Foods, the UK-based meat-free business, saw its operating profit jump in 2014, with losses narrowing by more than two-thirds.
The company, which its private-equity owner is looking to sell, generated operating profit of GBP19.6m (US$29.8m) last year, compared to GBP11.3m in 2013. It made a loss of GBP5m in 2014 due in part to interest payable on loans but the figure was down from GBP15.4m a year earlier.
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By GlobalDataQuorn's sales hit GBP150.3m in 2014, up 6.5% on 2013, a year when its revenue had risen 7%. That rate of growth has been maintained in the first half of 2015, with sales up 7% on the opening six months of 2014, the company revealed earlier this month.
The private-equity firm Exponent, which acquired Quorn from Premier Foods plc in 2011, has hired Houlihan Lokey to run an auction for a company and an information memorandum on the business was sent this month to potential suitors.
Companies including McCain Foods, frozen food group Nomad Foods and Alpro owner WhiteWave Foods have all expressed tentative interest in the business, just-food understands.
However, a mix of trade and private-equity firms have expressed interest in Quorn. Trade interest in Quorn is said to be strong, with a diverse array of candidates. Nevertheless, there is expected to be at least as strong interest in the company from private-equity suitors.
A sale is expected to be agreed by the end of the year.
