A Charlotte-based private equity firm will be acquiring The C.F. Sauer Company.
The 132-year family run company, founded and based in Richmond, Virginia, announced Friday a pending deal to be sold to Falfurrias Capital Partners.
The spice business makes a broad line of condiments and seasonings, including Duke’s mayonnaise, The Spice Hunter, Sauer’s, Gold Medal and BAMA.
C.F. Sauer is well known for the Duke’s mayonnaise plant location in Greenville, South Carolina.
Conrad F. Sauer IV, the fourth generation of his family to lead the company, will be retiring as president and CEO but will continue to serve on the board of directors, according to the company’s press release.
“I am so grateful to all of the people of The C.F. Sauer Company who have helped write our company’s tremendous success story over the past 132 years, and I look to the future with great optimism,” said Sauer. “We have found the ideal growth partner in Falfurrias Capital Partners.”
“The C.F. Sauer Company is a proven performer in a durable growth market, and we see great potential to accelerate growth and provide new opportunities for employees throughout the company,” said Marc Oken, chairman of Falfurrias Capital Partners.
The deal is subject to shareholder approval at annual The C.F. Sauer Company meeting on July 15, according to the release.
Upon closing the deal, the business will be known as Sauer Brands Inc.