By Abigail Summerville

NEW YORK Private equity firm TPG Inc is exploring options for Mendocino Farms, including a sale that could value the fast-casual restaurant chain at over $400 million, according to people familiar with the matter.

Investment bank North Point is advising on a sale process for Mendocino Farms, which is not certain to lead to any deal, the sources said, requesting anonymity because the matter is confidential.

Mendocino Farms generates more than $30 million of 12-months earnings before interest, taxes, depreciation and amortization, according to the sources.

TPG declined to comment. North Point and Mendocino Farms did not immediately respond to requests for comment.

Mendocino Farms, which offers sandwiches and salads, has over 50 locations in California, Texas and Washington. Husband-and-wife team Mario Del Pero and Ellen Chen founded it in 2005 and TPG Growth, the growth equity platform of TPG, acquired a majority stake in the Los Angeles-based company in 2017 from private equity firm L Catterton.

(Reporting by Abigail Summerville, Editing by Rosalba O'Brien)