News: PFL Patties Foods says received proposal from Pacific Equity Partners, page-5

I agree about the potential value proposition. My reckoning on this is that they could build this business into a long term single digit growth business with an export kicker into China. Obviously when PE is sniffing around you know they are looking for a multi bagger profit, because the fundamentals of the business are there and the foundations are well and truly in place.
Management have been distracted by the berry issues, which was really unfortunate as they would have been much further along otherwise.