US-based spices and herbs manufacturer Badia Spices has reportedly agreed to sell a majority stake in the company to a group of investors for up to $1.2bn.
The group of investors include a Latin America-based conglomerate Grupo Mariposa’s private investment arm Bia Foods and the merchant bank BDT & MSD Partners.
Under the terms of the agreement, Badia Spices owner Pepe Badia will remain as a shareholder and become honorary chairman.
The deal also includes investment from Bia Foods and BDT & MSD Partners.
Bia Foods was established by Grupo Mariposa in 2017 to acquire food businesses in the US, Mexico, and Latin America.
BDT & MSD was established last year through the merger of tech entrepreneur Michael Dell’s family office and a merchant bank run by Byron Trott.
Badia Spices was established in 1967 and has grown into an established family-owned company specialising in spices, seasonings, sauces, and teas.
The acquisition would expand Badia Spices’ reach and resources, strengthen its market position and support its expansion across the Americas, reported Finimize.
Also, Grupo Mariposa’s focus on scaling food businesses in the US, Mexico, and Latin America, is in line with Badia Spices’ growth plans, said the publication.
In June this year, Reuters reported that Badia Spices is exploring a sale of the company to investment bank Raymond James for more than $1.2bn, including debt.
