Sauer Brands acquired by Boston firm; new CEO named

A Boston private equity company completed its purchase of Richmond-based Sauer Brands, which produces Duke’s Mayo, Sauer spices and other food products, the companies announced Wednesday. With the change in ownership comes a new CEO for Sauer.

E. Yuri Hermida, most recently executive vice president and chief growth and strategy officer for alcoholic beverage company Constellation Brands, has been named CEO of Sauer Brands, effective March 12, Advent announced in its news release about the acquisition. Financial terms were not disclosed, but Sauer’s value, including debt, was estimated at more than $1 billion in a 2024 Reuters report.

Advent announced the deal Jan. 10 between itself and North Carolina’s Falfurrias Capital Partners, which purchased Sauer a little over five years ago. A family-owned company for more than 130 years until 2019, Sauer owns Duke’s Mayo, Mateo’s Gourmet Salsa, Kernel Season’s and Sauer brand spices.

“I am honored to join Sauer Brands at such a pivotal time and am excited to partner with the talented Sauer team and Advent, a proven investor in the global food space,” Hermida said in a statement. “I admire Sauer Brands’ legacy of delivering high-quality, flavorful condiments and seasonings that consumers trust and have kept going back to throughout its nearly 140-year history. As CEO, I look forward to building on this impressive foundation and expanding our reach to even more customers and consumers.” He will be based in Richmond, a spokesperson for Advent confirmed.

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.

Hermida previously served as president of Sovos Brands and as executive vice president of Reckitt, overseeing its multibillion-dollar North American hygiene products business. He succeeds Bill Lovette, who served twice as CEO of Sauer Brands following Falfurrias’ purchase of the company in 2019.

Also, Todd Lachman, former CEO of Sovos Brands, which was sold to The Campbell’s Co. last year, will be chairman of Sauer Brands’ board of directors.

“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,” Lachman said. “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 served as lead financial adviser and McGuireWoods served as legal adviser to Sauer Brands. William Blair & Co. served as co-financial adviser to Sauer. Centerview Partners served as financial adviser and Weil, Gotshal & Manges served as legal adviser to Advent.