Advent International – a leading global private equity investor – announced that it has signed a definitive agreement to acquire Sauer Brands, a scaled platform of leading condiments and seasonings brands, from Falfurrias Capital Partners. The terms of the transaction were undisclosed.
Sauer Brands is a portfolio of leading brands, such as Duke’s Mayo, Mateo’s Gourmet Salsa, and Kernel Season’s. The company is also best known for Duke’s Mayo, a beloved mayonnaise brand with a rich history dating back to its founding in 1917. Duke’s is now the fastest-growing scaled player in the mayo category and the seventh fastest-growing brand in the center of the store.
Advent has developed expertise investing in the global food space, and this investment demonstrates its continued enthusiasm about this category. Prior 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 is serving as lead financial advisor and McGuireWoods is serving as legal advisor to Sauer Brands. William Blair & Company is serving as co-financial advisor to Sauer Brands. And Centerview Partners is serving as financial advisor and Weil, Gotshal & Manges is serving as legal advisor to Advent. McGuireWoods is serving as legal advisor to Falfurrias Capital Partners.
KEY QUOTES:
“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. 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.”
– Tricia Glynn, a Managing Partner at Advent International
“I am thrilled to be joining a Company with a long history of delighting consumers with great tasting products and one-of-kind consumer favorite brands like Duke’s and Mateo’s. With their commitment to outstanding quality, the Sauer Brands team has delivered exceptional performance, and we are excited to partner with the team to support Sauer Brands’ continued growth.”
– Todd Lachman, incoming board chair of Sauer Brands
“Today represents another milestone moment for the evolution and future of Sauer Brands. I share this achievement with our entire team, which has continuously raised the bar for our industry. With Advent’s strong industry track record, global network and operational support, Sauer Brands is in a position to thrive in its next chapter.”
– Bill Lovette, Chief Executive Officer of Sauer Brands
“Over the last five years, we’ve had the pleasure of collaborating with Sauer Brands’ leadership team to drive meaningful growth. We are confident that the Company is strategically positioned for further success under Advent’s ownership.”
– Chip Johnson, Partner at Falfurrias Capital Partners
