Private equity investors are already circling famous Singapore bakery business Phoon Huat & Co.

The company, which sells its popular cupcakes from 11 retail stores around the city state, is expected to attract a sale price in the vicinity of S$250 million. Besides its stores, the business has a central bakery and sells baked products, confectionery, beverages and ingredients, on the wholesale market,

Founded in 1947 by Hainan migrant Wong Tai Fuang, it is now owned by the Wong family, which according to reports in Bloomberg, has sent prospectuses to potential bidders. First round bids are expected next month.

The company’s assets include property and the brands Red Man, Bakeway and Gold Tree.