The family that founded the C.F. Sauer Co., maker of Duke’s Mayonnaise, is selling it to a private equity firm.
The 132-year-old firm, based in Richmond, Va., will be owned by Falfurrias Capital Partners. Conrad Sauer IV, the fourth generation of his family to own C.F. Sauer, will retire as CEO but will continue to serve on the board of directors. The CEO spot will be filled by William Lovette, a veteran of Tyson Foods and Pilgrim’s Pride. Falfurrias Capital Partners principal Chip Johnson and partner Ken Walker also will join the board.
In addition to Duke’s, C.F. Sauer makes other condiments, spices, seasonings and extracts, both for private label and under its own brands, including The Spice Hunter, Sauer’s, Gold Medal and BAMA. It has manufacturing facilities in Virginia, California, South Carolina and Kansas.
The sale is subject to shareholder approval at a meeting scheduled for July 15.