By David Dykes

Advent International, a leading global private equity investor, said Jan. 6, 2025, it has signed a definitive agreement to acquire Sauer Brands Inc., a scaled platform of leading condiments and seasonings brands, including Duke’s Mayo, from Charlotte, North Carolina-based Falfurrias Capital Partners.

Terms of the transaction were not disclosed, but Bloomberg News reported the transaction values Sauer Brands at about $1.5 billion, according to people familiar with the matter who asked not to be identified because the details were confidential.

Business North Carolina magazine reported former Bank of America executives Hugh McColl Jr. and Marc Oken started Falfurrias, which acquired C.F. Sauer Co. in 2019. The price was reported around $300 million then, according to the magazine.

Sauer Brands is a portfolio of leading brands, including Duke’s Mayo, Mateo’s Gourmet Salsa, and Kernel Season’s, among others.

The company is best known for Duke’s Mayo, a mayonnaise brand with a rich history. 

It was at Camp Sevier in 1917 that the Duke’s Mayonnaise legacy began. Eugenia Duke of Greenville, South Carolina, made sandwiches in her home kitchen to sell to army canteens during WWI. 

Years after they’d left the camp, soldiers wrote to Eugenia begging for her sandwich recipes and jars of her delectable spread.  She began bottling it as a product on its own in 1923.  

Today, Duke’s is the fastest growing scaled player in the mayo category.

“With a more than 135-year history, Sauer Brands has established itself as a standout player in the highly attractive condiments and seasonings categories. Despite its long history, we believe that the company is still in the early innings of growth,” said Tricia Glynn, a managing partner at Advent International.

Glynn added, “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, and we’re thrilled to welcome the Company to our portfolio.”

“Today represents another milestone moment for the evolution and future of Sauer Brands,” said Bill Lovette, chief executive officer of Sauer Brands. “I share this achievement with our entire team, which has continuously raised the bar for our industry.”

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.”

“Over the last five years, we’ve had the pleasure of collaborating with Sauer Brands’ leadership team to drive meaningful growth,” said Chip Johnson, partner at Falfurrias Capital Partners. “We are confident that the company is strategically positioned for further success under Advent’s ownership.”

Previous Advent investments include Sovos Brands (sold to The Campbell’s Company), Grupo CRM (sold to Nestlé), IRCA, an international leader in chocolate, creams, and high-quality semi-finished food ingredients, and Indian snack food producer DFM Foods.

Morgan Stanley & Co. LLC is serving as lead financial advisor and McGuireWoods LLP is serving as legal advisor to Sauer Brands.

William Blair & Company, L.L.C. is serving as co-financial advisor to Sauer Brands. Centerview Partners LLC is serving as financial advisor and Weil, Gotshal & Manges LLP is serving as legal advisor to Advent. McGuireWoods LLP is serving as legal advisor to Falfurrias Capital Partners.

Sauer Brands Inc. was founded as The C.F. Sauer Company in 1887, in Richmond, Virginia. The company produces a broad line of inspired flavors to excite and delight consumers including condiments, spices, seasonings and extracts.

The company’s manufacturing facilities are in Richmond, Virginia; Mauldin, South Carolina; New Century, Kansas; and San Luis Obispo, California.

The company sells well-known brands including Duke’s Mayonnaise, Kernel Season’s, The Spice Hunter, Mateo’s Gourmet Salsa and Sauer’s.

Sauer Brands Inc. also produces private label products for the retail and away-from-home channels.

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses.

With 16 offices across five continents, it oversees more than USD $88.8 billion in assets under management as of June 30, 2024, and has made more than 420 investments across 43 countries.

Since its founding in 1984, the company has developed specialist market expertise across five core sectors: business & financial services, consumer, healthcare, industrial, and technology.