NEW YORK, May 1 (Reuters) - 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, according to people familiar with the matter on Monday.
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, the sources said.
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.
Representatives for Palladium and Goldman declined to comment. Quirch did not respond to a request for comment.
Founded in 1967 by the Quirch family, Quirch distributes meat-based products and proteins. Its brands include Certified Angus Beef, Panamei Seafood, and Chiquita Frozen Tropical Vegetables and Fruits.
Quirch, which has in recent years grown through acquiring smaller distributors like Colorado Boxed Beef Co and Butts Foods, generates annual sales of over $3 billion. (Reporting by Abigail Summerville in New York; Editing by Josie Kao)
