Private equity company Creation Worldwide has signed an settlement to build up Sauer Producers, the proprietor of Duke’s Mayo, from Falfurrias Capital Companions.
The companies did not disclose the financial phrases of the deal, nonetheless Bloomberg, citing sources close to the matter, reported the transaction values Sauer Producers at roughly $1.5bn.
The settlement follows prior alleged discussions between Sauer Producers and spice producer and distributor McCormick & Co in December.
As part of the latest deal, together with Duke’s Mayo, Creation Worldwide will buy the producers Mateo’s Gourmand Salsa and Kernel Season’s popcorn seasoning, amongst others.
“No matter its prolonged historic previous, we take into account that the company continues to be throughout the early innings of progress,” Creation Worldwide managing companion Tricia Glynn acknowledged.
“We take into account that Creation’s intensive experience investing in progress consumer producers at scale will permit us to companion with Sauer Producers on an daring progress method”.
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Sauer Producers was initially established as The C.F. Sauer Agency in 1887 in Richmond, Virginia.
Along with Richmond, the condiments and seasonings brand-owner operates manufacturing companies in Mauldin, South Carolina; New Century, Kansas; and San Luis Obispo, California.
Falfurrias, based totally in Charlotte, North Carolina, first acquired Sauer Producers in 2019.
Creation, headquartered in Boston, has a historic previous of investments throughout the consumer sector, along with meals and beverage companies.
Its earlier investments embody Sovos Producers, acquired by Campbell Soup Co., Grupo CRM, provided to Nestlé, IRCA, and Indian snack meals producer DFM Meals.
Todd Lachman, founder and former CEO of Sovos Producers, will assume the place of board chair at Sauer Producers as quickly as Creation’s acquisition is closed.
“I am thrilled to be changing into a member of a Agency with a protracted historic previous of delighting clients with good tasting merchandise and one-of-kind consumer favorite producers like Duke’s and Mateo’s,” acknowledged Lachman.
“With their dedication to glorious top quality, the Sauer Producers workforce has delivered distinctive effectivity, and we’re excited to companion with the workforce to help Sauer Producers’ continued progress.”
Sauer Producers CEO Bill Lovette added: “With Creation’s sturdy enterprise monitor file, world neighborhood and operational help, Sauer Producers is ready to thrive in its subsequent chapter.”