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. (Reporting by Abigail Summerville in New York; editing by Chizu Nomiyama)