Shelf-Stable Foods Processor Saco Foods Acquired by Fengate Private Equity
Middleton, Wis.-based Saco Foods Holdings LLC has been acquired by Fengate Private Equity from Benford Capital Partners, according to a release. Fengate will partner with Weathervane Investment Corp. to support growth of the company, and is managing this investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada. It is the first U.S. platform investment for Fengate Private Equity.
Saco’s existing management team, led by CEO Tom Walzer, will continue to retain a significant equity interest in the company; terms of the deal were not disclosed.
Saco is a diversified shelf-stable foods business, featuring Dolci Frutta, California Sun Dry, Saco Pantry, Solo Foods and Hoosier Hill Farm among its brands. Dolci Frutta produces confectionary chocolate coatings; California Sun Dry offers sun-dried tomato food products; Saco Pantry sells instant dry milk products and complementary baking ingredients; Solo Foods produces toppings, pastes and fillings; and Hoosier Hill Farm offers online and direct-to-consumer food offerings.
Saco was founded in 1973 by Ray Sanna with his father and brother, and they sold the company to Walzer in 2014. The business was recapitalized in partnership with Benford in 2016. The company sells its food products in supermarkets, mass retailers and e-commerce channels in the U.S.