Latin Food Manufacturer Goya Mulls Options for Sale

May 29, 2019

3 Min Read
Latin Food Manufacturer Goya Mulls Options for Sale
Goya hired investment bank Goldman Sachs to evaluate its options, raising suspicions that the company may soon be up for sale. Image courtesy of Flickr user jeepersmedia

New Jersey-based Latin food manufacturer Goya Foods is exploring options for a possible sale, CNBC reported after the company recently engaged Goldman Sachs and had the investment banker send financial materials to private equity firms. 

Unnamed sources familiar with the matter told the news organization that the company, one of the biggest food brands in the U.S., could be sold for about $3 billion. The company produces a wide variety of Latin American food products, including beverages, confectionery, flours, dairy, seasonings, and dairy goods. 

Goya’s chief executive officer, Robert Unanue, attempted to rebuke the notion that the company is on the market in a statement to CNBC.

“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,” Unanue 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.”

CNBC’s sources said financial materials are not typically distributed to private equity firms for estate planning. Some of the potential suitors for Goya are B&G Foods, Conagra, Unilever, Kraft Heinz, Campbell Soup, and J.M. Smucker, the people told the news organization.  

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