June 11 (Reuters) - The family behind Badia Spices is

exploring a sale of the Hispanic food company that could value

it at over $1.2 billion, including debt, according to sources

familiar with the matter.

The company is working with investment bank Raymond James

to solicit acquisition offers, the sources said. It

generates around $100 million in 12-month earnings before

interest, taxes, depreciation and amortization, they said.

Raymond James declined to comment. Badia and its owner

did not respond to requests for comment.

Established in 1967 by Jose Badia, Badia Spices sells

spices, seasonings, sauces, teas and other products under Badia

and other brands.

Jose Badia started the Doral, Florida-based company after

moving from Cuba to Miami. Soon after, his son Joseph "Pepe"

Badia joined the company and the father-son duo started selling

spices to the small bodegas in the city. Pepe and his three

daughters run the business, which sells its products to over 70

countries.

Another spice company, Sauer Brands, is also exploring a

sale at a $1 billion-plus valuation. The company was also

family-owned until Falfurrias Capital Partners bought it in

2019.