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October 21, 2019

Goya Foods ‘in talks to sell majority stake to PE giant Carlyle’

Goya Foods, the US-based supplier of Hispanic foods, is reportedly in discussions to sell a majority stake to a private-equity firm.

By Dean Best

Goya Foods, the US-based supplier of Hispanic foods, is reportedly in discussions to sell a majority stake to private-equity firm Carlyle.

The New York Post, citing unnamed sources, said the two sides were in “late-stage talks” over a deal that would value Goya Foods at around US$3.5bn.

The newspaper reported the current plan is for Goya chief executive Robert Unanue to remain at the helm.

In May, CNBC reported Goya, founded in 1936 by Spanish immigrants, has hired investment bank Goldman Sachs to weigh options that could include a sale.

However, at the time, the business broadcaster quoted Unanue as saying: “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. We periodically evaluate the company for estate planning and other purposes in the normal course of business.”

Officials at Goya were approached for comment by just-food but had not returned a request for comment at the time of writing. Carlyle declined to comment.

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