Sauer Brands Inc., which owns condiments and seasonings brands such as Duke’s Mayo, Mateo’s Gourmet Salsa and Kernel Season’s, among others, will be acquired by private-equity firm Advent International from Falfurrias Capital Partners, according to a definitive agreement reached and announced by Advent.
Terms of the transaction were not disclosed. However, last month, Bloomberg reported that McCormick & Co. had entered into talks with Falfurrias for Sauer Brands, and that the company could have ended up with a value of more than $1 billion. Advent believes that, despite Sauer’s more than 135 years of history, that it has plenty of growth ahead of it, the announcement noted. Duke’s Mayo, for one, was founded in 1917, and Advent said it is the fastest growing scaled player in the mayo category.
Falfurrias acquired Sauer Brands in 2019 and has reportedly been investigating a sale of the company for about a year. Sauer is the latest food company investment, having previously invested in Sovos Brands (which it sold to The Campbell’s Co.) and Grupo CRM (sold to Nestlé), as well as an international chocolate, creams and semi-finished food ingredients company, and an Indian snack food producer.
