Packaged food manufacturer The C.F. Sauer Company and Charlotte-based private equity firm Falfurrias Capital Partners recently signed a definitive agreement under which Falfurrias will acquire the company's food business. Falfurrias Capital Partners is acquiring the food business of Richmond-based The C.F. Sauer Company, including the regionally prominent Duke's Mayonnaise brand that it acquired in 1929.
Founded in 1887 and based in Richmond, Virginia, The C.F. Sauer Company manufactures a broad line of flavor-enhancing condiments, spices, seasonings and extracts, including well-known brands Duke's Mayonnaise, The Spice Hunter, Sauer's, Gold Medal, and BAMA. The company's regionally prominent brands and private-label products are sold through the retail and foodservice channels.
Conrad F. Sauer IV, the fourth generation of his family to lead the company, will retire as president and CEO but will continue to serve on the board of directors. William W. (Bill) Lovette, a 37-year food industry veteran with Tyson Foods and Pilgrim's Pride, has been named interim CEO and executive chairman of The C.F. Sauer Company. Falfurrias Capital Partners principal Chip Johnson and partner Ken Walker also will join the board.
The transaction is subject to shareholder approval at The C.F. Sauer Company's annual meeting July 15 and other closing conditions. The sale will include only the company's food business assets, while shareholders will retain the significant real estate portfolio owned by the company. Upon closing, the business will be known as Sauer Brands, Inc.
