Kraft Heinz reportedly is looking to sell its Ore-Ida brand as it works to pay down debt and restructure its business.
CNBC reports that the food giant has hired investment bank Evercore Partners to prepare a potential sale of its frozen potato brand, which could fetch $1.5 billion to $2 billion.
There’s speculation that Kraft Heinz could also sell its entire frozen food business if it can court a significant buyer, such as Conagra, Lamb Weston or a private equity firm.
The CNBC report, citing anonymous sources, says the top priority for Kraft Heinz is getting rid of brands it believes are particularly vulnerable to the private label goods. To that end, Maxwell House coffee and Breakstone’s cottage cheese and sour cream are among the other brands that Kraft Heinz is evaluating.