Selling Stock in Spanish Food
Selling Stock in Spanish Food
Spanish food giant, Goya, has hired investment bank Goldman Sachs to discuss the possible sale of the 83-year-old company. The company has roughly $250 million in earnings before interest, taxes, depreciation and amortization and could fetch roughly $3 billion in a sale, some of the people said.
Founded by Prudencio Unanue and Carolina Casal, both Spanish immigrants, in 1936, Goya has long stayed a family company, but the heirs have increased over the years, and divided control has led to disputes over the company’s future.
A sale could address the fragmentation of its ownership. Depending on valuation, some descendants may retain their stake, or the family could decide against a sale all together. Additionally, Goldman Sachs has allegedly reached out to potential corporate acquirers and the company has set a bidding deadline of early June for initial bids.
Sales of ethnic food in the U.S. have been rising as the millennial generation has been more willing to experiment with new cuisines as they increasingly focus on clean eating. Between 2013 and 2017, ethnic-flavored products like sauces, seasoning and exotically flavored chips grew by 20%, according to Food Navigator, citing Innova.
We hope you’ve enjoyed learning about how the owners of Goya are contemplating Selling Stock in Spanish Food! What do you believe would be the ideal move for the canned food giant? Join the conversation below!