(Bloomberg) -- Champion Petfoods is exploring options including a potential sale that could value the company at more than $2 billion a few years after its last takeover talks, according to people with knowledge of the matter. 

The company, based in Edmonton, Alberta, is working with an adviser on the planned process, the people said, asking not to be identified discussing private information. Deliberations are at early stage and may not lead to a transaction, the people said. 

Pet food, viewed as a recession-proof business, has seen a boom as pet ownership ballooned during the Covid pandemic. About 70% of US households owned a pet in 2021 and 2022, up from 67% in 2019, according to a survey conducted by the American Pet Products Association. 

A representative for Champion Petfoods declined to comment.

Nestle SA approached Champion Petfoods as recently as 2018 to acquire a majority stake for $2 billion, according to a Financial Times report. Nestle, through its pet unit Purina, is one of the largest manufacturers of pet supplies alongside Mars Inc., General Mills Inc. and J.M. Smucker Co. 

Backed by Canadian private equity firm Bedford Capital, Champion Petfoods sells premium dog and cat food under the brands Orijen and Acana, its website shows. 

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