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McCormick & Co. has agreed to buy hot sauce maker Cholula, seeking to capitalize on record demand for spicy condiments.
The seasoning company said on Tuesday it had struck a deal with L Catterton, the private equity firm that has owned Cholula since 2019, to pay $ 800 million for the brand. The Wall Street Journal first reported on Monday that such a deal, resulting in an auction for the company, could be reached as early as Tuesday.
McCormick, famous for its red-capped bottle spices and rectangular boxes, owns brands such as French Yellow Mustard, Old Bay Seasoning, and Thai Kitchen products.
It already has another popular hot sauce, Frank’s RedHot, best known for its buffalo wing sauce, acquired in 2017.
McCormick, who is based in Hunt Valley, Md., And has a market value of around $ 24 billion, sells to both consumers and restaurants.
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