Saco Foods, a US manufacturer of shelf-stable products, has been acquired by Canadian investors, Fengate Private Equity and Weathervane Investment Corp. The Wisconsin-based business was bought from Benford Capital Partners by the new owners for an undisclosed sum. Saco Foods was founded in 1973 by Ray Sanna and specializes in shelf-stable products, such as chocolate chips, dry milk products, and sun-dried tomatoes, with its notable brand being Dolci Frutta.
The new investors will manage this US-based investment and have not disclosed the investment split between Fengate and Weathervane. CEO Tom Walzer and the existing management team will continue to retain a significant equity interest in the company. Walzer conveyed his excitement about the partnership, expressing that it will maintain and expand upon the company’s entrepreneurial spirit and commitment to quality.
Fengate’s managing director, Jennifer Pereira, also expressed her optimism about the new partnership, citing the strategic fit and the company’s potential for growth. She mentioned that they look forward to supporting the continued growth of Saco’s existing brands through new product innovation and expansion into new categories and channels.
In October, Saco Foods acquired Solo Foods, a Chicago-based baking ingredient products company, further expanding its portfolio. Saco Foods, along with its new owners, is set to embark on the company’s next chapter of growth, aiming to capitalize on opportunities within the food and beverage industry trends and cater to evolving food and drink consumer trends.
