US-based spices and seasonings maker Badia Spices is reportedly looking to sell off the company to a new buyer.

The family-owned group is planning to put the business on the market for up to $1.2bn, sources close to the issue told Reuters.

Florida-headquartered investment bank Raymond James is said to be assisting Badia Spices with the sale.

The group's latest 12-month gross earnings reached around $100m, sources told Reuters.

Raymond James and Badia Spices did not respond to requests for comment at the time of writing.

Founded in 1967 in Florida by Jose Badia, the company produces and distributes a range of spices, marinades, seasonings, teas, sauces, tinned vegetables, side dishes, soup bases and other products.

Its goods are sold to retail, foodservice and wholesalers in over 70 countries worldwide. Manufacturing and distribution take place at its production site and two distribution plants in Doral, south Florida.

The company is run by president and CEO Joseph "Pepe" Badia and his three daughters.

Badia Spices' potential sale comes at a time when its US peers have faced a tough trading environment.

In January, Frank's hot sauce maker McCormick shared a "cautious" outlook for the new financial year as consumer trade down took a hit to fourth quarter volumes.

Discussing its fiscal year 2023 results for the period to 30 November, the company said it expected 2024 sales to sit around -2% to 0% compared to the previous year.

At the time, president and CEO of the Club House spices and seasonings brand, Brendan Foley, said: “While the fourth quarter was impacted by a pressured consumer exhibiting more value-seeking behaviour, our prioritised investments drove volume improvements in several key areas within our portfolio.

“In areas that were below our expectations, we understand the challenges, are addressing them, and are confident we will drive improved volume trends in 2024.”