Buyout firm Advent International has agreed to acquire Sauer Brands Inc., the owner of the Duke’s mayonnaise brand, from Falfurrias Capital Partners.

Terms of the deal weren’t disclosed in a statement Monday, which confirmed an earlier report by Bloomberg News. The transaction values Sauer Brands at about $1.5 billion, according to people familiar with the matter who asked not to be identified because the details were confidential.

The deal comes after Sauer Brands had held talks with spice maker and distributor McCormick & Co., Bloomberg News previously reported.

Duke’s mayonnaise remains a hometown favorite in the American South. Sauer Brands traces the origins of the Duke’s brand to C.F. Sauer buying the recipe for the mayonnaise in 1929 from Eugenia Duke, a woman who sold sandwiches to soldiers stationed near Greenville, South Carolina.