Private equity firm Epiris is understood to be in talks to buy tuna giant Princes.
As of last month, Italian food manufacturer Newlat and Epiris were the two remaining bidders in the auction for the tinned produce manufacturer, having fought off competition from Texas-based private equity firm Lone Star Funds and financial investor One Rock Capital Partners.
However, Epiris is now understood to be close to securing a deal to purchase Princes within days, Sky News reported.
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Mitsubishi Corporation, which currently owns Princes, previously tried to sell the company in 2022, however halted the process after receiving lower than expected bids.
A deal is now expected to come in at no lower than £400m.
Sales at the tuna giant fell in 2022, however revenues made close to £1.5bn in the year and it remains one of the UK’s largest food manufacturers.
In October 2023, Princes launched a £2m ‘Fish for Greatness’ advertising campaign to highlight the benefits and responsible sourcing credentials of its tuna.
