From Richmond BizSense:
A 132-year run of family ownership is coming to an end at Richmond’s C.F. Sauer Co.
The spice, extract and mayonnaise manufacturer, founded in Richmond in 1887, announced Thursday a pending deal to be sold outright to Falfurrias Capital Partners, a Charlotte, North Carolina-based private equity firm.
Terms of the deal were not disclosed, other than the fact that Falfurrias will own 100 percent of C.F. Sauer, which has been continuously run by descendants of founder Conrad Sauer.
His great-great-grandson and current CEO Conrad Sauer IV will step down as part of the deal, but will retain a seat on the company’s board.