Privately owned Australian petfood manufacturer VIP Petfoods is undergoing a strategic review of its business, including a possible sale, according to Reuters.

Tim Miles of Miles Advisory Partners, the company advising VIP Petfoods on its strategic review, said the petfood manufacturer has been approached by private-equity firms and trade buyers in the past.

"We're looking at what the options are that are available to the family. We may make acquisitions or we may make a sale," Miles said.

Miles declined to comment on the value of the business or its revenues and a VIP spokesman declined to comment on the strategic review.