I Squared Capital Advisors, LLC is exploring an expanded partnership with Fresh Del Monte Produce Inc. (NYSE:FDP) that could include a takeover of the bananas distributor, according to people with knowledge of the matter. Deliberations are at an early stage and there's no guarantee a deal will be reached, the people said, asking to not be identified because the matter isn't public. I Squared and Del Monte announced a partnership in 2021 that involved the fruit producer investing in one of its funds.

They also said they would share investment prospects and co-invest in deals. Del Monte rose 1.9% to close at $30.24 at in New York on July 15, 2022, giving the company a market value of about $1.5 billion. Representatives for I Squared and Del Monte declined to comment.