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What you need to know
- Bloomberg reported on Monday that McCormick, a spice manufacturer, is in negotiations to buy Sauer Brands – another food company.
- Sauer is best known for its Duke's Mayonnaise brand, and the deal could value Sauer at over $1 billion, Bloomberg reported.
- Sauer's private equity parent Falfurrias Capital Partners acquired the brand in 2019, and Reuters reported in April that it was considering a sale of the brand.
McCormick maker (MKC) Bloomberg reports that Falfurrias Capital Partners (the current owner of Sauer Brands) is reportedly negotiating to purchase the company for more than $1 billion.
Sauer has its own line of spices, and is best known for its Duke's brand of mayonnaise and other condiments. Falfurrias, a private equity company acquired the spices and condiments maker in 2019.
Reuters in April reported, citing “people familiar with this matter”, that the private-equity firm had been considering a potential sale. Bloomberg also reported, again citing sources familiar with the matter, on Monday that McCormick has entered into talks to purchase the McCormick Brand in an acquisition deal valued at more than $1 billion.
McCormick & Falfurrias didn’t immediately reply to our request for a comment on Tuesday morning.
McCormick's products range well beyond its namesake line of spices and seasonings, as it also owns several condiment brands like French's mustard, Frank's Red Hot, and Cholula hot sauce.
McCormick stock was little changed in Tuesday’s morning trading. It has gained 17% so far this year.
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