Badia Spices to sell majority stake to investors
By Abigail Summerville
NEW YORK, Oct 2 (Reuters) -Family-owned Badia Spices has agreed to sell a majority stake to a group of investors including a Latin American conglomerate's investment arm and the merchant bank BDT & MSD Partners, with three sources saying the deal values the Hispanic food company at around $1.2 billion.
A spokesperson for Bia Foods, which was set up by food and beverage conglomerate Grupo Mariposa in 2017, confirmed the deal. The group launched the private investment arm to buy food businesses in the United States, Mexico and Latin America.
Badia Spices, established in 1967 by Jose Badia, sells spices, seasonings, sauces, teas and other products under Badia and other brands.
Pepe Badia, the family scion, will remain a shareholder and become honorary chairman. Reuters reported in June that the family owners of Badia Spices were exploring a sale of their company with investment bank Raymond James.
BDT & MSD was established last year when tech entrepreneur Michael Dell's family office and a merchant bank run by Byron Trott, a former Goldman Sachs banker known for his work with the billionaire Warren Buffett, combined.
Reporting by Abigail Summerville; Editing by Kevin Liffey
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