UK firm R&R Ice Cream, which has operations across Europe, is up for sale, just-food understands.

First-round bids for a majority stake in R&R Ice Cream, which supplies branded ice cream under licence as well as own-label lines in markets including the UK and France, were due in this week.

US investment fund Oaktree Capital owns 82% of R&R. Management including chief executive James Lambert owns the remainder of the business.

A report from The Yorkshire Post claimed private-equity houses including Bain Capital and Clayton Dubilier & Rice are interested in the business. R&R declined to comment.

Oaktree formed R&R in 2006 when it acquired UK firm Richmond Foods and combined it with German peer Rocadin.

Last month, R&R reported a profit of EUR2.7m (US$3.6m) for the nine months to the end of September. A year earlier, it booked a loss of EUR10.9m amid finance costs.

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R&R had a similar level of finance costs in the period to the end of this September but saw revenues increase 24.9% to EUR508m thanks to acquisitions.