Lion makes early bid for food firm Picard -sources

* Lion bid aimed to steal march on Bain, CVC, LBO France

* Bid said likely to value firm at at least 1.5 bln euros

By Quentin Webb and Victoria Howley

LONDON, July 26 (Reuters) - Lion Capital made a pre-emptive bid over the weekend to buy French convenience-food company Picard Surgeles from rival buyout firm BC Partners [BCPRT.UL], two people familiar with the matter said on Monday.

Lion's offer, which is likely to place an enterprise value of 1.5 billion euros ($1.94 billion) or more on the business, was designed to head off rivals Bain Capital, CVC [CVC.UL], and LBO France, who were also working on binding bids for the company, the people added.

Earlier this month bankers told Reuters Loan Pricing Corp. that Picard has earnings before interest, tax, depreciation and amortisation (EBITDA) of about 160 million euros.

BC and Lion declined to comment.

(Editing by Steve Slater)