SYDNEY, AUSTRALIA — McCain Foods (Aust) Pty. Ltd. has hired Rothschild Australia’s investment bankers to auction the Kitchens of Sara Lee frozen bakery business, according to The Australian Financial Review. McCain acquired the Sara Lee business from Hillshire Brands Co. in 2013 for approximately $85 million. At the time, the move was described as a way for McCain to expand its range of products across desserts, meals and snacking occasions.

According to a teaser flyer sent to prospective acquirers and obtained by The Australian Financial Review, Sara Lee posted sales of $96 million in the 2020 fiscal year and generated more than $15 million in earnings before interest, tax, depreciation and amortization. The flyer also said Sara Lee had control of 53% of the Australian and New Zealand retail frozen desserts market.

Sara Lee opened the Kitchens of Sara Lee at Lisarow, on the New South Wales Central Coast, in 1971. The business was established to supply Sara Lee products not only to Australia but to the entire Indian Ocean, South East Asia and Pacific regions. Today, the company manufactures, sells and distributes a range of Sara Lee branded products in the frozen desserts, super premium ice cream, pastries, frozen savory meals and frozen fruit categories.