Tuesday 01 December 2020

Maryland, US-based spice company McCormick and Company Inc. (NYSE: MKC) has closed the acquisition of the parent company of hot sauce brand Cholula Hot Sauce from Connecticut-based private equity firm L Catterton, in a USD 800m cash transaction, the company said.

McCormick acquired 100% of the parent company of Cholula on a cash free, debt free basis.

The acquisition of Cholula accelerates McCormick's growth opportunities within its condiment platform and broadens the portfolio in the hot sauce category.

Goldman Sachs and Cleary Gottlieb Steen and Hamilton LLP are serving as financial advisor and legal counsel, respectively, to McCormick in connection with the transaction.

McCormick and Company, Inc. manufactures, markets and distributes spices, seasoning mixes, condiments and other products to the food industry including ecommerce channels, grocery, food manufacturers and foodservice businesses.