Sauer Brands, a condiments and seasonings producer, has completed its previously announced acquisition by Advent International.
The deal, announced last month, saw private equity investor Advent acquire Sauer Brands from Falfurrias Capital Partners.
Financial terms of the transaction were not disclosed.
Founded in 1887 as C.F. Sauer in Richmond, Virginia, Sauer Brands offers condiments, spices, seasonings, and extracts.
With manufacturing facilities in Richmond, Mauldin, New Century, and San Luis Obispo, the company produces brands like Duke’s Mayonnaise, Kernel Season’s, The Spice Hunter, Mateo’s Gourmet Salsa, and Sauer’s.
Sauer Brands also develops private-label products for both retail and away-from-home markets.
Advent managing partner Tricia Glynn said: “We are thrilled to welcome Sauer Brands into our portfolio and build upon the success the Company has already achieved to date.
“Our aspirations are to enable even more consumers to discover and fall in love with Sauer’s brands, including Duke’s Mayo, Mateo’s Gourmet Salsa and Kernel Season’s.”
Sauer Brands has announced the appointment of E. Yuri Hermida as CEO, effective 12 March.
Additionally, Todd Lachman, a seasoned consumer goods executive, has joined Sauer Brands as Chair of the Board of Directors.
Sauer Brands board chair Todd Lachman said: “Now that the transaction is officially complete, we are thrilled to welcome Yuri to drive an ambitious growth strategy in concert with an accomplished leadership team for Sauer Brands.
“With Yuri’s deep expertise and proven track record in leading and growing multibillion-dollar brands across geographies, we will be well-positioned to catapult Sauer Brands into its next chapter of growth.”
Morgan Stanley & Co. acted as lead financial advisor, while McGuireWoods served as legal advisor to Sauer Brands. William Blair & Company was the co-financial advisor.
Centerview Partners advised Advent, with Weil, Gotshal & Manges as their legal advisor.
Advent has expertise in global food investments, showcasing its commitment to this sector.
Previous investments include Sovos Brands, which was sold to Campbell’s, Grupo CRM, which was sold to Nestlé, IRCA, a provider of chocolate and food ingredients, and DFM Foods, an Indian snack food producer.
