Stremicks Heritage Foods LLC, a U.S. maker and distributor of dairy products, is exploring a sale that it hopes could value it at more than $1 billion, including debt, according to people familiar with the matter.
Family-owned Stremicks has hired investment bank Houlihan Lokey Inc to run an auction for the company, the people said this week, asking not to be named because the matter is confidential.
Stremicks has annual earnings before interest, taxes, depreciation and amortization of around $120 million, according to the sources.
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