Activist hedge fund Irenic Capital Management is seeking to attract private equity buyers for SSP Group, the London-listed operator of travel food outlets including Upper Crust, according to a report by the Financial Times.

The New York-based investor, which has built a roughly 3% stake in SSP, has circulated materials to investment banks and private capital firms highlighting the merits of a leveraged buyout. Irenic argues that SSP could be valued at a premium of around 50% to its current market value in a take-private deal.

According to the FT, the hedge fund points to SSP’s resilient revenues, potential to scale its US airport presence, and scope to unlock value through divestments of non-core assets, such as its stake in a listed Indian joint venture.

Irenic declined to comment, while SSP has yet to respond publicly.

The food-to-go group operates branded outlets across airports, train stations, and travel hubs worldwide, making it a target of interest for private equity firms seeking predictable cash flows and global expansion opportunities.