Advent International to acquire Duke's mayonnaise owner for $1.5B, Bloomberg reports

Investing.com -- Advent International  has agreed to buy  Sauer Brands Inc , the owner of the Duke’s mayonnaise brand, from  Falfurrias Capital Partners (WA:CPAP ) , Bloomberg reported on Monday, citing people with knowledge of the matter.

The deal is valued at approximately $1.5 billion, the report added.

Sauer Brands has recently been in the spotlight following its negotiations with McCormick (NYSE:MKC ) & Co., a prominent spice maker and distributor, Bloomberg reported previously. These talks were part of the company's strategic efforts to explore potential growth opportunities and partnerships.

The acquisition by Advent International is expected to bring new capital and resources to Sauer Brands, potentially aiding in the expansion and enhancement of its product offerings, which include the widely recognized Duke's mayonnaise brand.

The announcement of the agreement is anticipated to be made public as early as today, the report said.

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Source: Investing.com