C.F. Sauer, the US condiments and spices manufacturer, has been acquired by local private-equity firm Falfurrias Capital Partners in an undisclosed deal.

Following the transaction, Conrad Sauer IV, the fourth generation of his family to lead the company, will retire as president and chief executive officer (CEO) but will continue to serve on the board of directors. Bill Lovette, a 37-year food industry veteran who has worked with US meat giants Tyson Foods and Pilgrim’s Pride, has been named interim CEO and executive chairman while Falfurrias principal Chip Johnson and partner Ken Walker will join the board.

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The sale includes only C.F. Sauer’s food business assets, while shareholders will retain the real estate portfolio owned by the company. Upon closing, the business will be known as Sauer Brands.

Richmond, Virginia-based C.F. Sauer, which can trace its history back to 1887, makes branded and private-label condiments, spices, seasonings and extracts which it sells through the retail and foodservice channels. Its brands include Duke’s Mayonnaise and The Spice Hunter and it also sells mayonnaise and salad dressings under the Sauer’s, Gold Medal, and BAMA brands.

It has manufacturing facilities in Virginia, South Carolina, Kansas and California.

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Falfurrias Capital Partners, based in Charlotte, North Carolina, was founded in 2006 by Hugh McColl Jr., the former chairman and CEO of Bank of America.

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Conrad Sauer said: “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.”

Marc Oken, chairman of Falfurrias Capital Partners, said: “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.”