Sauer Brands Completes Acquisition by Advent International

Industry veteran E. Yuri Hermida appointed Chief Executive Officer, effective March 12

RICHMOND, Va.--(BUSINESS WIRE)--Sauer Brands Inc. (the “Company”), a scaled platform of leading condiments and seasonings brands, today announced the completion of its previously announced transaction in which Advent International (“Advent”), a leading global private equity investor, has acquired Sauer Brands from Falfurrias Capital Partners (“Falfurrias”). Terms of the transaction were not disclosed.

“We are thrilled to welcome Sauer Brands into our portfolio and build upon the success the Company has already achieved to date,” said Tricia Glynn, a Managing Partner at Advent. “Our aspirations are to enable even more consumers to discover and fall in love with Sauer’s brands, including Duke’s Mayo, Mateo’s Gourmet Salsa and Kernel Season’s.”

In connection with the close of the transaction, Sauer Brands also announced that E. Yuri Hermida has been appointed as the Chief Executive Officer of the Company, effective March 12. Hermida brings decades of proven experience in building and scaling consumer brands, including most recently serving as EVP, Chief Growth and Strategy Officer of Constellation Brands, a leading beverage alcohol company. Hermida previously served as President of Sovos Brands, a consumer-packaged food company focused on acquiring and building disruptive growth brands, and as Executive Vice President of Reckitt, a multinational producer of consumer goods in the health, hygiene and nutrition categories, where he oversaw the company’s multibillion-dollar North American Hygiene business.

As previously announced, Todd Lachman, a seasoned consumer packaged goods executive, has joined Sauer Brands as Chair of the Board of Directors.

“Now that the transaction is officially complete, we are thrilled to welcome Yuri to drive an ambitious growth strategy in concert with an accomplished leadership team for Sauer Brands,” said Todd Lachman, Board Chair of Sauer Brands. “With Yuri’s deep expertise and proven track record in leading and growing multibillion-dollar brands across geographies, we will be well-positioned to catapult Sauer Brands into its next chapter of growth.”

“I am honored to join Sauer Brands at such a pivotal time and am excited to partner with the talented Sauer team and Advent, a proven investor in the global food space," said E. Yuri Hermida, incoming CEO of Sauer Brands. "I admire Sauer Brands’ legacy of delivering high-quality, flavorful condiments and seasonings that consumers trust and have kept going back to throughout its nearly 140-year history. As CEO, I look forward to building on this impressive foundation and expanding our reach to even more customers and consumers.

Morgan Stanley & Co. LLC served as lead financial advisor and McGuireWoods LLP served as legal advisor to Sauer Brands. William Blair & Company, L.L.C. served as co-financial advisor to Sauer Brands. Centerview Partners LLC served as financial advisor and Weil, Gotshal & Manges LLP served as legal advisor to Advent.

About Sauer Brands
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 high-quality private label products for the retail and away-from-home channels. Learn more at www.sauerbrands.com.

About Advent International
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, we oversee more than USD $93.5 billion in assets under management* and have made more than 420 investments across 43 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 650+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of September 30, 2024. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.