Advent International to Acquire Sauer Brands

By David Dykes

Advent International, a leading global private equity investor, said Jan. 6, 2025, it has signed a definitive agreement to acquire Sauer Brands Inc., a scaled platform of leading condiments and seasonings brands, including Duke’s Mayo, from Charlotte, North Carolina-based Falfurrias Capital Partners.

Terms of the transaction were not disclosed, but Bloomberg News reported the transaction values Sauer Brands at about $1.5 billion, according to people familiar with the matter who asked not to be identified because the details were confidential.

Business North Carolina magazine reported former Bank of America executives Hugh McColl Jr. and Marc Oken started Falfurrias, which acquired C.F. Sauer Co. in 2019.

The price was reported to be around $300 million then, according to the magazine.

Sauer Brands is a portfolio of leading brands, including Duke’s Mayo, Mateo’s Gourmet Salsa, and Kernel Season’s, among others.

The company is best known for Duke’s Mayo, a mayonnaise brand with a rich history.

It was at Camp Sevier in 1917 that the Duke’s Mayonnaise legacy began. Eugenia Duke of Greenville, South Carolina, made sandwiches in her home kitchen to sell to army canteens during WWI. 

Years after they’d left the camp, soldiers wrote to Eugenia begging for her sandwich recipes and jars of her delectable spread. She began bottling it as a product on its own in 1923.  

Today, Duke’s is the fastest growing scaled player in the mayo category.

“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,” said Tricia Glynn, a managing partner at Advent International.

Glynn added, “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.”

“Today represents another milestone moment for the evolution and future of Sauer Brands,” said Bill Lovette, chief executive officer of Sauer Brands. “I share this achievement with our entire team, which has continuously raised the bar for our industry.”

Lovette added, “With Advent’s strong industry track record, global network and operational support, Sauer Brands is in a position to thrive in its next chapter.”

“Over the last five years, we’ve had the pleasure of collaborating with Sauer Brands’ leadership team to drive meaningful growth,” said Chip Johnson, partner at Falfurrias Capital Partners. “We are confident that the company is strategically positioned for further success under Advent’s ownership.”

Previous 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 & Co. LLC is serving as lead financial advisor and McGuireWoods LLP is serving as legal advisor to Sauer Brands.

William Blair & Company, L.L.C. is serving as co-financial advisor to Sauer Brands.

Centerview Partners LLC is serving as financial adviser and Weil, Gotshal & Manges LLP is serving as legal advisor to Advent. McGuireWoods LLP is serving as legal advisor to Falfurrias Capital Partners.

Sauer Brands Inc. was founded as The C.F. Sauer Company in 1887, in Richmond, Virginia. The company produces a broad line of inspired flavors to excite and delight consumers including condiments, spices, seasonings and extracts.

The company’s manufacturing facilities are in Richmond, Virginia; Mauldin, South Carolina; New Century, Kansas; and San Luis Obispo, California.

The company sells well-known brands including Duke’s Mayonnaise, Kernel Season’s, The Spice Hunter, Mateo’s Gourmet Salsa and Sauer’s.

Sauer Brands Inc. also produces private label products for the retail and away-from-home channels.

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses.

With 16 offices across five continents, it oversees more than USD $88.8 billion in assets under management as of June 30, 2024, and has made more than 420 investments across 43 countries.

Since its founding in 1984, the company has developed specialist market expertise across five core sectors: business & financial services, consumer, healthcare, industrial, and technology.

Combined Investment of $450 million Will Create 70 Jobs

 Luck Companies, a provider of crushed stone aggregates and environmental performance products, announced it is growing its quarry operations across South Carolina.

The company will develop new sites in Chester, Edgefield, Saluda and Spartanburg counties and expand its existing sites in Fairfield and Kershaw counties.

The combined investment of $450 million will create 70 jobs, according to the South Carolina Department of Commerce.

Founded in 1923 and headquartered in Virginia, Luck Companies provides materials and services through its three business units: Luck Stone, Luck Ecosystems and Luck Real Estate Ventures.

The company serves as a partner for customers in the construction, civil engineering and environmental industries.

Luck Companies will invest $93 million to develop a new site in Chester County, creating 25 jobs.

Along with the quarry component, the site will include acreage dedicated to agricultural education and a multi-use, economic development portion.

Over the next 20 years, Luck Companies will invest $70 million to develop its 434-acre quarry site in Edgefield County, creating 10 jobs.

In Saluda County, the company will invest $40 million over the next 10 years and create 10 jobs to develop the 330-acre quarry site.

The Edgefield and Saluda sites will support increased development along the Interstate 20 corridor.

The Spartanburg County site, located in Enoree, represents a $132 million investment over the next 20 years and approximately 25 new jobs.

Officials said that in addition to the quarry, the site will feature opportunities for commercial development.

Luck Companies’ Fairfield County site, located along Highway 34 near Ridgeway, provides construction aggregate materials for the growing Interstate 77 corridor and includes space for future economic development.

Officials said the company will invest approximately $90 million in this site, over the next 20 years, to meet growing demand.

Acquired in 2018, the Kershaw County site, located west of Highway 601 in Kershaw, makes products that support the building of roads and site development as well as larger stones that support coast protection.

The company will invest an additional $25 million to build a permanent plant at this location.

The plants in Fairfield and Kershaw counties have more than 30 existing employees.

Individuals interested in joining the Luck Companies team should go to the company’s careers page.

Beaufort County (S.C.) Black Chamber of Commerce Awarded $1.25 Million Grant from Coast Community Foundation  

The Beaufort County Black Chamber of Commerce (BCBCC) announced that it has been awarded a transformative grant of $1.25 million from the Coastal Community Foundation (CFF).

Payable over three years, officials said the funding will empower the Chamber to strengthen its membership and partnership development, ensuring the organization’s sustainability and long-term impact on Black and minority-owned businesses.  

The grant is structured in two parts to support the Chamber over a three-year period.

The first part provides $857,000 in general operating support.

The second part includes $375,000 in matching funds, which will be released as the Chamber achieves specific milestones, such as enrolling new members and securing new partnerships.

For every dollar the Beaufort County Black Chamber of Commerce raises toward these goals, CCF will match the amount, up to a maximum of $375,000. 

“We are honored to receive this support from the Coastal Community Foundation. It is a nod to the critical role the Chamber plays in our community,” said Marilyn Harris, president and chief executive officer of the Beaufort County Black Chamber of Commerce.

Harris added, “This funding will enable us to  provide greater resources to our members and strengthen our efforts to create opportunities for minority-owned businesses in Beaufort County.” 

“The matching funds initiate is designed to foster collaboration and amplify the Chamber’s impact throughout Beaufort County,” said Darrin Goss, president of the Coastal Community Foundation.

Goss added, “We see this as an opportunity to effectively double the impact of the Chamber’s community engagement efforts. This approach ensures that every dollar invested by the foundation sparks greater community support for the Chamber’s mission.” 

The BCBCC invites all community members, business leaders, and partners to participate in the opportunity to double the impact of their contributions.

Every dollar raised will be matched, effectively doubling the support for minority businesses in Beaufort County. 

 “This grant and matching opportunity represent a unique chance for our community to come together and create lasting economic empowerment,” Harris said. “We encourage everyone to join us in this effort to drive meaningful change.”

The Beaufort County Black Chamber of Commerce (BCBCC) is a 501(c)(3) nonprofit organization dedicated to fostering economic development and supporting minority-owned businesses in Beaufort County and surrounding areas.

Through advocacy, education, and collaboration, BCBCC works to create opportunities and remove barriers for entrepreneurs and small businesses to succeed. 

First Tee — Upstate South Carolina Announces 2025 Board of Directors

Youth development organization First Tee — Upstate South Carolina announced its slate of Board of Directors for 2025.

Co-Chair: Todd Whitehead, Grace Outdoors

Co-Chair: Terry Willis, Retired

Secretary: Bill Strickland, Attorney at Law

Stephanie Ancona, Homeschool Teacher

Joe Anderson, Johnson Development Associates

Russ Calicutt, RCH Benefits Advisors

Sheldon Early, Early Technologies & Services, Inc.

Taylor Fisher, Clayton Construction

Forrest Fowler, Waffle House

Brian Geppi, South State Bank

Steve Goforth, PGA, Cross Creek Country Club

Carlisle Hamrick, Hamrick Mills, Inc.

Louie Holleman, Retired

Kevin Moore, Morgan Square Hospitality

Sarah Owings, WilliamsMarston LLC

Jennifer Paradis, Signatures

Ryan Phillips, GTM Strategy

Jimmy Randolph, Retired

Ron Rasmussen, IMI Living

Jeff Rhodenbaugh, Retired

Jay Self, Greenwood Mills

Robert Stallard, Elliott Davis

Johanna Ward, Goodwyn Mills Cawood.

First Tee – Upstate South Carolina is a nonprofit organization dedicated to impacting the lives of young people in Anderson, Cherokee, Greenville, Greenwood, Oconee, Pickens and Spartanburg counties by providing educational programs that build character, instill life-enhancing values and promote healthy choices through the game of golf.

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