AdvancePierre Foods is interviewing investment banks to prepare for a sale that could value the private-equity owned company at more than $2 billion, including debt, according to people familiar with the matter.

Headquartered in Cincinnati, Ohio, AdvancePierre manufactures packaged sandwiches, fully cooked and uncooked meat products and bakery items that are distributed to schools, universities, convenience stores, supermarkets and warehouse clubs throughout the United States. The company has more than 4,000 employees and generates annual revenue of $1.6 billion.

AdvancePierre's private equity owner, Oaktree Capital Group LLC, is meeting with banks in order to appoint financial advisors that will help with the company's sale process, the sources, who asked not to be identified because the negotiations are confidential, told Reuters.


The talks come just weeks after AdvancePierre Foods entered an agreement to acquire the wholesale and manufacturing operations of sandwich maker Landshire Inc., headquartered in Caseyville, Illinois.

AdvancePierre Foods was formed in 2010 when Pierre Foods, which Oaktree Capital Group acquired out of bankruptcy in 2008, merged with Advance Foods Co. and Advance Brands LLC.

AdvancePierre Foods brands include Barber Foods, BIG AZ, Fast Fixin’, Hot ‘N’ Ready, PB Jamwich, Pierre, Smart Picks, Steak-EZE, and The Pub, according to the company’s website.