Investing.com– McCormick & Company Incorporated (NYSE:MKC) is in talks to acquire Sauer Brands Inc from Falfurrias Capital Partners (WA:CPAP), Bloomberg reported on Monday evening, with the deal likely to further McCormick’s share of the condiments market.
A deal could value Sauer, best known for its Duke’s mayonnaise brand, at over $1 billion, the report said. Talks were still ongoing and no deal had been reached, Bloomberg reported, citing people with knowledge of the discussion.
Reports earlier this year showed Falfurrias was contemplating a sale of Sauer.
McCormick has steadily expanded its share of the condiments market with acquisitions since its founding in 1889. The company had in 2020 purchased flavor maker Fona International and hot sauce firm Cholula for a combined $1.5 billion.