Goya Foods Inc. is likely to attract private investment firms as the New Jersey-based Latin food giant explores a sale, CNBC reported, citing people familiar with the matter.
The Unanue family-owned company has EBITDA of about $250 million and could sell for about $3 billion, some of the people said. The company reportedly tapped investment bank Goldman Sachs to help it explore options.
Goya CEO Robert Unanue said in a statement to CNBC that the company is "not for sale" and that it frequently conducts an evaluation "for estate planning and other purposes in the normal course of business."
Goldman Sachs, however, still sent out financial materials to buyout groups, the sources told the news outlet. Two people added that the bank has also been in contact with potential corporate buyers, while some of the sources said Goya has set an initial bidding deadline of early June.
Leading food companies including The J. M. Smucker Co., B&G Foods Inc., Conagra Brands Inc., The Unilever Group, The Kraft Heinz Co. and Campbell Soup Co. could also be interested in Goya, the people said.
The founding family owners could choose to hold onto their interest in Goya or opt against an outright sale, depending on valuation, one of the people said.
Goldman did not comment on the matter, according to the report.