UK based Exponent Private Equity is contemplating sale of its meat-free food brand Quorn and has already held preliminary talks with an American food firm, the WhiteWave Foods Company.
WhiteWave Foods Company is targeting the rapidly growing North East business, the Journal reported.
Quorn, the major meat substitute producer in UK and Ireland, is under control of Exponent Private Equity since 2011. The brand was first launched in 1985 by Marlow Foods.
A Quorn spokesman was quoted by the Journal as saying: "As a private equity-owned company, we will obviously be sold at some point, but our management team is currently focused on continuing the growth of the company.
"Beyond that, we don't comment on rumours or speculation."
This new development comes as Exponent is reportedly preparing an auction of Quorn that could value it at more than £400m, Sky news said.
The US firm, which currently employs several hundred people across sites in Billingham and Stokesley, reported an 8% growth to £14.6m sales in January this year.
In 20014, the company achieved record sales of £150m and attracted an additional 1.86 million new customers, the Journal said.
Image: Quorn meat free BBQ chicken bites. Photo: courtesy of Marlow Foods.