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Shelf-Stable Foods Processor Saco Foods Acquired by Fengate Private Equity

Jan. 22, 2024
The investment firm will retain CEO Tom Walzer in the purchase from Benford Capital Partners.

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.

About the Author

Andy Hanacek | Senior Editor

Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.

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