[30 May/Food Dive]

Goya Foods is considering a sale as part of its options, and has hired Goldman Sachs to help with the process. The food company sells a variety of Latin American food products such as canned beans, olives and rice and earns about USD$250 million (approx. NZD $380 million). The sale is expected to be able to bring in USD$3 billion (approx. NZD $4.5 billion). Goldman Sachs has reportedly sent out financial materials to private equity firms and set a deadline of June for initial bids. Contrary to this, Goya CEO Robert Unanue stated that the company is not for sale with the future of the company focused on building the company‚Äôs family legacy. However, times have been difficult for the CPG industry, especially for food companies that rely on canned items with today’s consumers more interested in purchasing fresher food.