Boston private equity firm to acquire Sauer Brands

Duke’s Mayo and its parent company, Richmond’s Sauer Brands, will change hands in a deal between Boston-based private equity firm Advent International and North Carolina’s Falfurrias Capital Partners, which purchased Sauer a little over five years ago.

Terms of the pending acquisition, which was announced Monday, were not disclosed. Sauer, a family-owned company for more than 130 years until its 2019 purchase by Falfurrias, owns Duke’s Mayo, Mateo’s Gourmet Salsa, Kernel Season’s and Sauer brand spices. In a 2024 report by Reuters, Sauer Brands’ value, including debt, was estimated at more than $1 billion.

“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,” Tricia Glynn, a managing partner at Advent International, said in a statement. “It’s easy to see why consumers have long been drawn to Duke’s differentiated taste profile and we are excited to share this well-loved brand with a growing consumer base. 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.”

Sauer still manufactures spices in its Richmond facility and has other plants in South Carolina, Kansas and California.

Advent, founded in 1984, oversees more than $88.8 billion in assets under management and has made more than 420 investments in 43 countries. In the food sector, Advent has invested in Sovos Brands, Grupo CRM, IRCA and DFM Foods.

Duke’s mayonnaise, a mainstay in the South, raised its profile during its time under Falfurrias’ management, particularly by sponsoring the annual Duke’s Mayo Bowl football game in Charlotte, North Carolina, where the winning coach gets mayonnaise instead of Gatorade dumped on his head. According to this week’s announcement, Duke’s is the fastest growing scaled brand of mayonnaise in the country.

Morgan Stanley is serving as lead financial adviser for the deal and McGuireWoods is serving as legal adviser to Sauer Brands. William Blair & Co. is serving as co-financial advisor to Sauer Brands. Centerview Partners is serving as financial adviser, and Weil, Gotshal & Manges is serving as legal adviser to Advent. McGuireWoods is also serving as legal adviser to Falfurrias.