- McCormick (NYSE:MKC) is moving over the bottle of Frank's as it eyes a new hot sauce.
- The seasonings company is discussing a deal with L Catterton, the private-equity firm that has owned Cholula since 2019, that would value the brand at around $800M, WSJ reports.
- McCormick already acquired Frank's RedHot, best known for its buffalo wing sauce, back in 2017, as consumers look for low calorie condiments and millennials flock to spicy flavors.
- In fact, retail sales of hot sauces in the U.S., including Sriracha and Tabasco, are on track to near $1B this year, which would be just shy of ketchup sales, according to estimates from Euromonitor.