Goya Foods has rejected a buyout offer that would have taken control from the company’s founding family, according to a report in the New York Post.
Goya, the largest U.S. processor of ethnic food, had been on the sales block for some time. The Unanue family, which has owned the business since its inception in 1936, first tried to sell a minority share. When such a deal failed to materialize, the family started to explore an option where they would sell a majority stake yet still remain in control of the company.
According to the Post, the investment firm Carlyle Group engaged in talks with the Unanue family but was unwilling to buy Goya unless it could assume control. Carlyle wanted to “professionalize” the company in advance of taking it public, believing that it was mismanaged under the Unanues, a source told the Post.
The Post quoted a source as saying the Unanue family is “dysfunctional” and divided over the fate of the company. CEO Robert Unanue told the Post that Goya is not for sale.