A bid for global dominance in the ethnic market could mark the end of an era for family-run curry company Patak's, which this week appointed merchant bank Rothschild to review strategic options for the business and look at ways of growing the brand.

According to chairman and chief executive Kirit Pathak, the company's goal is to become the world's leading supplier of Indian food. But to do so the company looks likely to either have to sell the business or bring in an equity partner to fund expansion.

So which way is Pathak likely to turn? For some an outright sale would be a timely end to Pathak's involvement in the company founded by his father half a century ago this year.

Last October he emerged as 100% owner of the business after a bitter and well-documented family feud, dubbed the 'spice wars', with his two sisters over ownership of the company. It is also rumoured that Pathak, concerned by recent consolidation in the market, could be ready to call time on his involvement.

Patak's, which has a price tag of £200m and is set to reach a turnover of £71m this year, would be an attractive acquisition for a number of the world's leading food companies. The brand has steadily grown in prominence and is probably the most recognisable name in the UK's £1bn ethnic foods market. It already has a significant international presence with sales in 75 countries, including Australia, New Zealand, Canada, France, the Netherlands and India, and under the ownership of a company with a large budget its position could easily be bolstered in many of these markets.

Potential suitors are Heinz and Unilever, with which Patak's already has partnerships, and Kraft Foods. Others likely to show interest are Premier Foods, which recently bought RHM, owner of rival brand Sharwood's, and Associated British Foods which, through its ethnic food division Westmill, already owns the Blue Dragon Chinese label.

"Patak's brings authenticity to the Indian food market which is clearly very large and still growing in the UK," says Clive Black, food retail analyst at Shore Capital. "I would imagine a lot of investment bankers are knocking on their door right now and there will be a lot of people keeping an eye on how this one unravels."

But an outright sale is unlikely to suit Kirit and his wife Meena, who take a hands-on approach to the business.

The Grocer understands that the pair expect to play a major role in the future direction of the company that bears their name, either as partners or as board members. Their experience will also make them useful assets for any company looking to invest.

"They might consider a larger company or a private equity concern taking a strategic stake in the business in return for a seat on the board but it would need to be someone who lets them get on with it," says a company insider. "They know the business better than anyone.

"If they do decide to sell it will need to be to someone with the infrastructure in place, someone with huge networks that sell all over the world because that is the only way they are going to get where they want to."

Other options include selling off different parts of the business, which is 75% retail and 25% foodservice. As well as its own brand the company produces sauces under Tesco's Finest label and also provides ingredients to the majority of the UK's Indian restaurants, and both operations could be targets for a buyer.

One option firmly ruled out, however, is a flotation of the company on the stock market.

"The Pathaks are private individuals and they would not want the high profile of [a flotation]," says the source.

"They wouldn't like the publicity that some other Asian entrepreneurs court."

She adds that the Pathaks, worth £46m according to The Sunday Times Rich list, are also not looking for a pension pay-out from selling the business. "They are not poor people but one of Britain's richest Asian families. They are really looking at what is in the best interests of the company. It is not as though they are in their 70s. They are still in their 50s and still very involved."

The company is yet to say how long the review will take but Shore Capital's Black predicts that it won't be in any hurry to make a decision.

"The ball is very much in the Pathak family's court and that is a very nice position to be in." n