US-based packaged food manufacturer The C F Sauer Company has signed a definitive agreement to divest its food business to private equity firm Falfurrias Capital Partners.

Financial details of the deal have not been disclosed.

Established in 1887, The C F Sauer Company is a Virginia-based company that manufactures a broad line of flavour-enhancing condiments, spices, seasonings and extracts.

Its products include brands such as Duke’s Mayonnaise, The Spice Hunter, Sauer’s, Gold Medal and BAMA.

The C F Sauer Company president and CEO Conrad F Sauer said: “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.

“We have found the ideal growth partner in Falfurrias Capital Partners, and I look forward to working with Bill and the rest of the team to author the next chapter.”

As per the terms of the agreement, the deal will only include the company’s food business, while shareholders will retain the significant real estate portfolio owned by the company.

Completion of the transaction is subject to approval by The C F Sauer Company shareholders and other closing conditions.

Upon completion of the deal, the business will be known as Sauer Brands.

Falfurrias Capital Partners chairman Marc Oken said: “Falfurrias Capital Partners is honoured to partner with Conrad and the rest of The C F Sauer Company family to build on the legacy of success created over four generations.

“The C F Sauer Company 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.”

For this deal, RBC Capital Markets is acting as exclusive financial adviser to The C F Sauer Company, while Williams Mullen is serving as legal adviser to the company.

McGuireWoods is serving as legal adviser to Falfurrias Capital Partners.