RTTNews | Nov 24, 2020 01:00AM EST

01:00 Tuesday, November 24, 2020 (RTTNews.com) - McCormick & Co., Inc. (MKC) is nearing a deal to acquire hot-sauce maker Cholula from private-equity firm L Catterton, the Wall Street Journal reported citing people familiar with the matter.

The company is in talks with L Catterton for a deal that would value Cholula around $800 million. L Catterton has owned the Cholula brand since early 2019.

The report noted that a deal, resulting from an auction of the business, could come together as soon as Tuesday.

With the proposed acquisition, the seasonings company aims to capitalize on demand for spicy condiments.

McCormick already owns another popular hot sauce, Frank's RedHot, which it acquired in 2017.

Read the original article on RTTNews ( https://www.rttnews.com/3148203/mccormick-nearing-deal-to-acquire-hot-sauce-maker-cholula-wsj.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com All Rights Reserved