The Toronto, Canada-based fund, which operates Menu Foods Ltd., said the decision was made considering the changes in federal tax rules for income trusts which take effect in 2011.
The fund noted that it could take several months to complete the evaluation and that there was no assurance that a sale, or any transaction, will result from the process.
Menu Foods became the centre of a recall of tainted pet food which killed at least 350 animals in the US and Canada in 2007.
The recall came after it was found that some of its wheat gluten imported from China was laced with melamine, to disguise protein shortage in the products.
Since then the private-label pet food marker has tried to recover from the pet food recall and struggle in several lawsuits.
In February, Menu Foods marked its best performance in three years by reversing a loss to earn $5.7 million in the fourth quarter despite a 15% drop in sales.
The company says it has hired BMO Capital Markets to oversee the review of its options.