RICHMOND, V.A. — Charlotte, N.C.-based private equity firm Falfurrias Capital Partners has signed a definitive agreement to acquire The C.F. Sauer Company’s food business.
The sale is subject to shareholder approval at the company’s annual meeting on July 15, in addition to other closing conditions.
Upon closing, the business will be known as Sauer Brands, Inc.
Conrad F. Sauer IV, the fourth generation of his family to lead the company, will retire as president and chief executive officer but continue to serve on the board of directors. He will be succeeded by William (Bill) Lovette, who has been named interim c.e.o. and executive chairman of The C.F. Sauer Co. Mr. Lovette brings 37 years of experience in the food industry to his new role, including various executive positions at Tyson Foods and Pilgrim’s Pride.
The C.F. Sauer Co. produces flavor-enhancing condiments, spices, seasonings and extracts, including 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 food service channels.
Falfurrias Capital Partners has experience in the quick-service restaurant business, through its prior ownership of the Bojangles’ brand, and the premium catering industry, through its current investment in Best Impressions. The C.S. Sauer Co. is the firm’s first investment in the consumer packaged goods sector.
“Falfurrias Capital Partners is honored to partner with Conrad and the rest of The C.F. Sauer Co. family to build on the legacy of success created over four generations,” said Marc Oken, chairman of Falfurrias Capital Partners. “The C.F. Sauer Co. is a proven performer in a durable growth market, and we see great potential to accelerate growth and provide new opportunities for employees throughout the company.”