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Tater Tot maker Ore-Ida is the latest brand Kraft Heinz is considering shedding as it scrambles to pay down debt and restructure its business following a disastrous quarterly report.
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Kraft Heinz has hired investment bank Evercore Partners to prepare a potential sale of its Ore-Ida brand, people familiar with the situation told CNBC. The brand could fetch roughly $1.5 billion to $2 billion, the people said, cautioning the process is still early and valuation is subject to buyer enthusiasm.
While Kraft Heinz’s focus is on the frozen potato maker, it would also consider a sale of its entire frozen food business, which includes brands like Smart Ones and Devour, should there be significant buyer interest, the people said.
Likely buyers could include Conagra, frozen potato company Lamb Weston, as well as private equity firms, said the people.
The people requested anonymity because the information is confidential. A spokesperson for Kraft Heinz declined to comment.