Quirch Foods LLC is exploring options - including a sale - that could value the private equity-owned food distributor at about $1.5 billion, including debt. Quirch distributes meat-based products and proteins. Its brands include Certified Angus Beef, Panamei Seafood and Chiquita Frozen Tropical Vegetables and Fruits.
The Coral Gables, Florida-based company, which private equity firm Palladium Equity Partners took over in 2018, has been working with investment bank Goldman Sachs Group Inc to explore a potential sale.
Quirch Foods is hoping to be valued at about 10 times its 12-month earnings before interest, taxes, depreciation and amortization of about $150 million, the sources added. They spoke on condition of anonymity because the matter is confidential.
Source: reuters.com