By Abigail Summerville
(Reuters) – The household behind Badia Spices is exploring a sale of the Hispanic meals firm that would worth it at over $1.2 billion, together with debt, in line with sources conversant in the matter.
The corporate is working with funding financial institution Raymond James to solicit acquisition presents, the sources mentioned. It generates round $100 million in 12-month earnings earlier than curiosity, taxes, depreciation and amortization, they mentioned.
Raymond James declined to remark. Badia and its proprietor didn’t reply to requests for remark.
Established in 1967 by Jose Badia, Badia Spices sells spices, seasonings, sauces, teas and different merchandise beneath Badia and different manufacturers.
Jose Badia began the Doral, Florida-based firm after transferring from Cuba to Miami. Quickly after, his son Joseph “Pepe” Badia joined the corporate and the father-son duo began promoting spices to the small bodegas within the metropolis. Pepe and his three daughters run the enterprise, which sells its merchandise to over 70 nations.
One other spice firm, Sauer Manufacturers, can be exploring a sale at a $1 billion-plus valuation. The corporate was additionally family-owned till Falfurrias Capital Companions purchased it in 2019.
