Advent International, a global private equity firm, has reached a deal to acquire Richmond-based Sauer Brands Inc., the company behind Duke's Mayo.

In 2019, Falfurrias acquired condiment, sauce and spice manufacturer Sauer Brands, known for its Duke’s mayonnaise brand. Other brands include Mateo’s Gourmet Salsa and Kernel Season’s. Terms of that deal also were undisclosed.

Falfurrias Capital Partners had been looking to sell the condiments and seasonings company, with McCormick & Co. even rumored in December to have had interest.

Buyout firm Advent International has agreed to acquire Sauer Brands Inc., the owner of the Duke’s mayonnaise brand, from Falfurrias Capital Partners.

Sauer Brands, the parent company of Carolina staple Duke's Mayo, is being sold by Charlotte-based Falfurrias Capital Partners to a private equity firm.

Advent International, a global private equity firm, has reached a deal to acquire Sauer Brands Inc., a company known for its portfolio of condiments and seasonings brands, from Charlotte-based Falfurrias Capital Partners.