M&A Deal Summary

McCormick Acquires Cholula Hot Sauce

On November 24, 2020, McCormick acquired food company Cholula Hot Sauce from L Catterton Partners for 800M USD

Acquisition Highlights
  • This is McCormick’s 15th transaction in the Food sector.
  • This is McCormick’s 2nd largest (disclosed) transaction.
  • This is McCormick’s 1st transaction in Mexico.

M&A Deal Summary
Date 2020-11-24
Target Cholula Hot Sauce
Sector Food
Buyer(s) McCormick
Sellers(s) L Catterton Partners
Deal Type Add-on Acquisition
Deal Value 800M USD

Target

Cholula Hot Sauce

Jalisco, Mexico
Cholula Hot Sauce is a producer and distributor of hot sauce. Cholula's hot sauce is created from a generations-old recipe featuring carefully-selected arbol and piquin peppers and a secret blend of signature spices. Cholula Hot Sauce is manufactured with care in Jalisco, Mexico.

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Buyer(S) 1

Buyer

McCormick

Hunt Valley, Maryland, United States
Category Company
Founded 1889
Sector Food
Employees13,800
Revenue 6.7B USD (2023)
DESCRIPTION

McCormick manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry retail outlets, food manufacturers and food services businesses in more than 125 countries and territories. McCormick was founded in 1889 and is based in Hunt Valley, Maryland.

DEAL STATS #
Overall 15 of 16
Sector (Food) 15 of 16
Type (Add-on Acquisition) 11 of 12
Country (Mexico) 1 of 1
Year (2020) 1 of 2
Size (of disclosed) 2 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-18 RB Food

Chester, New Jersey, United States

RB Food is a provider of portfolio of iconic brands including French's, Frank's RedHot and Cattlemen's. Tiger's Milk, a nutrition bar brand, will also be sold as part of the transaction and has been included in RB Food.

Buy $4.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-30 FONA International

Geneva, Illinois, United States

FONA International, Inc. is a manufacturer of clean and natural flavors providing solutions for a diverse customer base across various applications for the food, beverage, and nutritional markets.

Buy $710M

Seller(S) 1

SELLER

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1989
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 71 of 102
Sector (Food) 10 of 10
Type (Add-on Acquisition) 32 of 46
Country (Mexico) 1 of 2
Year (2020) 10 of 11
Size (of disclosed) 2 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-28 Leslie s

Phoenix, Arizona, United States

Leslie's is a specialty retailer of swimming pool supplies and related products. Leslie's was founded in 1963 and is based in Phoenix, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-02 Function of Beauty

New York, New York, United States

Function of Beauty is a producer of hair, skin, and body care products. Function of Beauty was founded in 2015 and is based in New York City.

Buy -
Mergr

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