NEW YORK, Sept 3 (Reuters) - The family behind Tropical

Cheese Industries is exploring a sale of the Hispanic dairy

products maker that could value it at over $500 million,

according to people familiar with the matter.

Tropical Cheese, based in Perth Amboy, New Jersey, is

working with investment bank Rothschild and Co to solicit

acquisition offers, the sources said, requesting anonymity as

the matter is confidential.

Tropical Cheese and Rothschild declined to comment.

The dairy products distributor expects to generate nearly

$50 million of earnings before interest, taxes, depreciation and

amortization in 2024, the sources said.

Tropical Cheese was launched in 1982 by Hispanic businessman

Rafael Mendez who moved from Cuba to the U.S. when he was 17

years old and eventually settled in Perth Amboy where he worked

as a milk delivery man.

While Mendez started out by catering to Latino and Hispanic

households and communities in New Jersey, Tropical Cheese has

since expanded into most U.S. states, as well as regions

including the Caribbean, Central and South America, and Europe.

The company also sells meats, tortillas, and beverages and

its products are sold through convenience stores and food

retailers in the regions where it operates.

Another Hispanic-owned food company Badia Spices is

currently exploring a sale, Reuters reported in June.