Major buyout funds are said to be among the suitors circling the $600 million Lite N' Easy Pty Ltd, with KKR & Co. Inc. (NYSE:KKR) (Kohlberg Kravis Roberts), BGH Capital and Pacific Equity Partners said to have shown interest. Once a sales process gets underway in earnest, Woolworths Group Limited (ASX:WOW) is also expected to be lining up as a buyer of the business that experts believe would be an ideal fit for its growth alliance with Marley Spoon.

United Petroleum Pty Ltd. earlier purchased the Pie Face business, which has experienced overwhelming success under its ownership and sells the products in its service stations. Sources suggest for this reason United Petroleum may also take a look at the business. KKR is believed to be looking at the business through Arnott's Biscuits Limited.

Expectations are that the business will likely sell for a price of at least $600 million.