Private equity firm Advent International has signed an agreement to acquire Sauer Brands, the owner of Duke’s Mayo, from Falfurrias Capital Partners.
The companies did not disclose the financial terms of the deal, but Bloomberg, citing sources close to the matter, reported the transaction values Sauer Brands at approximately $1.5bn.
The agreement follows prior alleged discussions between Sauer Brands and spice manufacturer and distributor McCormick & Co in December.
As part of the latest deal, in addition to Duke’s Mayo, Advent International will acquire the brands Mateo’s Gourmet Salsa and Kernel Season’s popcorn seasoning, among others.
“Despite its long history, we believe that the company is still in the early innings of growth,” Advent International managing partner Tricia Glynn said.
“We believe that Advent’s extensive experience investing in growth consumer brands at scale will enable us to partner with Sauer Brands on an ambitious growth strategy”.
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By GlobalDataSauer Brands was originally established as The C.F. Sauer Company in 1887 in Richmond, Virginia.
Besides Richmond, the condiments and seasonings brand-owner operates manufacturing facilities in Mauldin, South Carolina; New Century, Kansas; and San Luis Obispo, California.
Falfurrias, based in Charlotte, North Carolina, first acquired Sauer Brands in 2019.
Advent, headquartered in Boston, has a history of investments in the consumer sector, including food and beverage companies.
Its past investments include Sovos Brands, acquired by Campbell Soup Co., Grupo CRM, sold to Nestlé, IRCA, and Indian snack food producer DFM Foods.
Todd Lachman, founder and former CEO of Sovos Brands, will assume the role of board chair at Sauer Brands once Advent’s acquisition is closed.
“I am thrilled to be joining a Company with a long history of delighting consumers with great tasting products and one-of-kind consumer favorite brands like Duke’s and Mateo’s,” said Lachman.
“With their commitment to outstanding quality, the Sauer Brands team has delivered exceptional performance, and we are excited to partner with the team to support Sauer Brands’ continued growth.”
Sauer Brands CEO Bill Lovette added: “With Advent’s strong industry track record, global network and operational support, Sauer Brands is in a position to thrive in its next chapter.”
