Is Goya Foods up for sale?
Secaucus, N.J.-based Goya Foods, a family-run Hispanic food consumer packaged goods (CPG) company, has hired investment bank Goldman Sachs to weigh options that could include a sale, according to report from CNBC. The company has roughly $250 million in earnings before interest, taxes, depreciation and amortization and could fetch roughly $3 billion in a sale, CNBC stated.
But in a statement delivered to CNBC, Goya Foods CEO Robert Unanue denied the company was for sale. “The future of Goya is to continue to build our family legacy and to grow the brand worldwide. For these reasons and many more, Goya is not for sale,” he said. “To the contrary, over the years we have made acquisitions of other companies in order to expand the footprint of Goya Foods, and we continue to do so. We periodically evaluate the company for estate planning and other purposes in the normal course of business.”
However, Goldman Sachs has sent out financial materials to private equity firms, which companies do not typically do for estate planning purposes, said people familiar with the situation, according to CNBC. The investment bank has also reached out to potential corporate acquirers.
To read the CNBC article, click here.