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McCormick to Acquire Cholula Hot Sauce for USD 800m
Wednesday 25 November 2020

Maryland, US-based food company McCormick and Company Inc. (NYSE: MKC) has agreed to acquire 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 will acquire 100% of the parent company of Cholula on a cash free, debt free basis.

The transaction is expected to be completed by the end of the calendar year and will be financed with a combination of cash on hand and commercial paper.

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.
Date Published: 25/11/2020