Wells Enterprises has put itself up for sale and hired J.P. Morgan Chase & Co. (JPM) to handle the auction process, the Financial Times reported on its website Tuesday citing people familiar with the matter.
The privately-owned company, which produces Blue Bunny ice cream, has drawn interest from a number of private equity buyers including Oaktree Capital Management, the FT reported.
First round bids were due in late June, the newspaper cited the people as saying.
The report said it was unclear which suitors made it to the second round, and that the company was expected to be sold for around $500 million.
Write to [email protected]
Subscribe to WSJ: http://online.wsj.com?mod=djnwires