RICHMOND, Va. (WFXR) — Food manufacturer The C.F. Sauer Company is selling its company to a Charlotte, North Carolina equity firm.
The C.F. Sauer Company has entered an agreement with Falfurrias Capital Partners.
The company is best known for its Duke’s Mayonnaise brand, but also manufactures condiments, spices, seasonings and extracts. The C.F. Sauer Company also manufactures brands such as The Spice Hunter and Gold Medal.
Founded in 1887 in Richmond, The C.F. Sauer Company has been owned by the Sauer family for four generations.
Conrad F. Sauer IV is retiring as president and CEO, but will maintain a role on the board of directors.
“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.
William W. Lovette, with Tyson Foods and Pilgrim’s Pride, has been named interim CEO and executive chairman of the company.
The final purchase is pending shareholder approval at The C.F. Sauer Company’s annual meeting on July 15.
Only the food business assets will be sold. Shareholders will hold onto the real estate owned by the company.
Once the sale is final, the company will be known as Sauer Brands Inc.