Investment firm Jana Partners has recently acquired a new stake in Lamb Weston, a leading french-fry manufacturer, with potential plans to encourage the company to sell. This announcement was made in a regulatory filing on Friday by the activist investment firm.

Jana Partners now owns a 5% stake in Lamb Weston, which is headquartered in Eagle, Idaho. The activist investor wants the company to conduct a strategic review, in which it would scrutinize its capital expenditure, operational shortcomings, and tactics for repurchasing shares.

In addition, Jana Partners, which manages a hedge fund, has indicated that it may pursue a position on Lamb Weston’s board. The company currently has a market cap of $11 billion.

The announcement of Jana’s investment resulted in an 11% increase in Lamb Weston’s share price, taking it to $78.78. However, the company’s stock has fallen by 26% since the beginning of the year.

In this investment venture, Jana Partners is collaborating with Continental Grain, a private company that owns and operates businesses in the food and agribusiness sectors. They are also working with Lamb Weston’s former executive chairman, Timothy McLevish.

Lamb Weston has acknowledged the regulatory filings by both Jana Partners and Continental Grain. A company spokesperson said, “We regularly engage with our shareholders to better understand and consider their views and will continue to do so.”

Earlier this month, Lamb Weston lowered its annual profit forecast and announced job cuts due to reduced spending in restaurants and increased competition in international markets.

In the regulatory filing, Jana Partners criticized Lamb Weston for its poor performance, citing “a litany of self-inflicted missteps”.

Lamb Weston, as the biggest producer of french fries in North America, supplies products like tater puffs and hash-brown patties to clientele including McDonald’s.

A year ago, Jana Partners urged Frontier Communications to sell, which subsequently led to a bid from Verizon Communications last month. At that time, the hedge fund was also collaborating with a significant strategic investor whose identity was not disclosed.

In the past, Jana Partners has successfully advocated for the sale of companies like New Relic and Zendesk, both of which were privatized last year by TPG and Francisco Partners, and Hellman & Friedman and Permira, respectively.