Advent International to Acquire Duke’s Mayo Maker Sauer Brands
Global private equity firm Advent International announced today it has agreed to acquire condiment, seasoning, and spice platform Sauer Brands from Falfurrias Capital Partners for an undisclosed sum.
The deal values the parent company of Duke’s Mayo at approximately $1.5 billion, according to Bloomberg, which cited people familiar with the matter. The transaction comes after the news outlet reported last month that McCormick & Co., owner of Frank’s RedHot, Cholula and French’s, was in talks to buy Sauer Brands.
Founded in 1887 as The C.F. Sauer Company in Richmond, Va., Sauer was acquired by Charlotte, N.C.-based Falfurrias Capital Partners in 2019. Under its current moniker, the company acquired Chicago Custom Foods, which produces the Kernel Season’s line, in 2020, and Mateo’s Gourmet Salsa in 2021. But Sauer is best known for Duke’s Mayo, which touts itself as the fastest-growing scaled player in the mayo category and the seventh fastest-growing brand in center store.
The company operates manufacturing facilities in Richmond, Va., Mauldin, S.C., New Century, Kan., and San Luis Obispo, Calif.
According to Tricia Glynn, a managing partner at Advent, the firm’s experience investing in growth consumer brands at scale – including Sovos Brands (sold to Campbell’s), Grupo CRM (sold to Nestlé), and IRCA – will enable it to partner with Sauer Brands on an “ambitious growth strategy.”
“With a more than 135-year history, Sauer Brands has established itself as a standout player in the highly attractive condiments and seasonings category. Despite its long history, we believe that the company is still in the early innings of growth,” she said in a statement.
This isn’t the first time Advent and Falfurrias have done business together. In 2011, Advent purchased Charlotte, N.C.-based restaurant chain Bojangles from Falfurrias for an undisclosed amount. Advent has roughly $89 billion in assets under management and has amassed more than 420 investments, according to Bloomberg.
“Over the last five years, we’ve had the pleasure of collaborating with Sauer Brands’ leadership team to drive meaningful growth. We are confident that the company is strategically positioned for further success under Advent’s ownership,” said Chip Johnson, partner at Falfurrias, in a press release.
