November 25, 2020
L Catterton sells Cholula to McCormick & Company for $800 million. Cholula is a producer and distributor of hot sauce.
L Catterton acquired Cholula in April 2019, with a focus on building consumer awareness and loyalty, through new restaurant partnerships, retail distribution, and in-store execution.
Maura Mottolese, Chief Executive Officer of Cholula, said: “L Catterton was the perfect partner as we executed on the strategic transformation of the Cholula business. With the support, resources, and operational expertise of the L Catterton team, we established Cholula as a high-performing standalone business, vastly improved our commercial execution efforts, and pivoted our foodservice strategy to position Cholula for long-term growth and success. L Catterton was well-positioned to acquire and grow the Cholula business by virtue of its global footprint, including its presence and local team in Mexico. We look forward to building on our success as part of the McCormick family.”
Scott Dahnke, Global Co-CEO of L Catterton, added: “Cholula is one of the most iconic assets within the food and beverage landscape, and we immediately recognized that there were a number of exciting ways to realize its potential as a standalone business. In a category that continues to benefit from a number of strong secular tailwinds and attractive consumer trends, Cholula’s best-in-class team and refocused business strategy have positioned the company as a clear leader in a large and growing segment.”