Goya Foods CEO Robert Unanue reportedly blocked a deal to sell a portion of the company that would have left him without a job. Unanue also owns roughly 5% of the company.
The Business Deal
The Daily Mail reported that Unanue blocked a minority stake sale which would have valued Goya Foods at a worth of $4 billion. Allegedly, the Goya Foods board of directors tentatively agreed to the proposed deal with BDT Capital Partners back in June. The firm invests in companies that are family or founder-led and expands them and/or takes them public.
Sources claimed that the investment company would have had made Unanue leave his position as CEO eighteen months after the deal would have closed/finalized.
“Despite having initially signaled their support, the board of directors ultimately voted against the deal last Wednesday amid the ongoing controversy over Unanue’s endorsement of Trump,” the outlet reported.
So how did Unanue allegedly stop the deal? He apparently convinced two directors to change their minds and votes. In exchange, he agreed to add two independent seats to the once family-controlled board.
What Sources Said
“I was called months ago to serve our country as a commissioner on the White House Initiative for Hispanic Prosperity,” Unanue told the New York Post of his decision to back President Donald Trump.
“I don’t think it was a coincidence,” a source close to the company and family told the outlet. “All of a sudden there is going to be a shareholder vote and here he is, saying this stuff about Trump.” Finally, the source added that the company does not take on political views or support Trump’s policies.
Unanue has been under fire for his promotion of Trump and his political views. Customers have even called for a boycott of Goya products.
“Mr. President, what can I tell you? I’m so blessed to be here in the most prosperous country in the world, the greatest country in the world,” Unanue said at the roundtable earlier this month. “And we’re so blessed to have you as our leader, as we continue to build this country and make it the most prosperous nation in the world.”