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October 22, 2019

Goya Foods not for sale, says CEO

The chief executive of Goya Foods has spoken out on the US media report claiming the supplier of Hispanic foods is in talks to sell a majority stake to private-equity firm Carlyle.

By Dean Best

The chief executive of Goya Foods has brushed off a US media report that claimed the supplier of Hispanic foods is in talks to sell a majority stake to private-equity firm Carlyle.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
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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.

However, Bob Unanue, the president and CEO of Goya Foods, insisted the New Jersey-based business is not on the market.

“Goya has a longstanding policy of not responding to rumours. However, the company is not for sale,” Unanue told just-food today (22 October). “We are flattered, of course, that anyone would be interested in owning an iconic brand and business as ours. Our plans for our incredible Goya family is to continue this legacy into the future, even more successfully for generations to come.”

Asked today by just-food if Goya had engaged in talks with Carlyle over a possible deal for all or part of the business, the company declined to comment further. Goya also refused to be drawn on whether it was in discussions with any other party.

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.

Asked by just-food if Goya had hired Goldman Sachs or whether the bank was still working for the business, the canned-foods group again declined to comment.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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