PE-backed Saco Foods acquires California Sun Dry Foods


Saco Foods LLC, a portfolio company of Benford Capital Partners LLC, has acquired California Sun Dry Foods Inc, a provider of sun-dried tomato products. No financial terms were disclosed.

PRESS RELEASE

Saco Foods, LLC (“Saco”), a niche market leading food company and portfolio company of Benford Capital Partners, LLC (“Benford Capital”) has acquired California Sun Dry Foods, Inc. (“California Sun Dry”), the leading brand in the sun-dried tomato category in the United States. California Sun Dry’s owners sold the business to facilitate their retirement. Charles Olins, formerly the VP of Sales and Marketing at Concord Foods, has joined Saco as Vice President and General Manager to grow the California Sun Dry brand under Saco’s ownership. Saco’s CEO and President, Tom Walzer, is leading the transition of the California Sun Dry business from Danville, CA to Saco’s headquarters in Middleton, WI. Saco’s and California Sun Dry’s owners have discussed this transaction for several years and the formal combination strengthens the market leading presence of both California Sun Dry and Dolci Frutta, Saco’s leading chocolate dessert hard-shell dip, in the produce aisle.

“With the acquisition of California Sun Dry, Saco has significantly expanded its volume in the produce section,” said Tom Walzer, Saco’s CEO and President. “We are excited to welcome Charles Olins to the team and grow and build upon California Sun Dry’s successful legacy in the years to come.”

Ben Riefe, Managing Director of Benford Capital, added, “California Sun Dry Foods is a terrific business and an excellent fit for Saco. We’re thrilled to partner with Saco and support the company’s strategy to build a portfolio of market-leading, shelf stable brands in the produce and center-store aisles.”

About Saco Foods
Saco (www.sacofoods.com) is a branded, niche-market leading food products company selling primarily to supermarkets and mass retailers in the U.S. Founded in 1973, Saco’s primary products include Dolci Frutta, a chocolate hard-shell dessert dip for fruit, nuts, and other snacks, as well as powdered instant milk, powdered dry buttermilk, and baking cocoa sold under the Saco Pantry family of brands. Saco is recognized for its commitment to quality and unique, innovative products, which has helped the company establish and maintain long-term relationships with its top customers.
About California Sun Dry Foods
Founded in 1991, California Sun Dry (www.calsundry.com) is the branded, niche-market leading supplier of superior quality, shelf-stable sun-dried tomato products sold through supermarkets, mass retailers and club stores in the U.S. and Canada. The company has a comprehensive product portfolio of both jarred and bagged sun-dried tomato products and enjoys the number one market share position in the growing sundried tomato category.

About Benford Capital
Founded in 2004, Benford Capital (www.benfordcapital.com) is a Chicago-based private investment firm focused on buying and building lower middle market businesses over the long-term in partnership with management. Over the past fifteen years, Benford Capital has acquired seventeen companies, including several add-on acquisitions, and currently owns nine platform companies: Space Electronics, U.S. Underwater Services, Ray Allen Manufacturing, Education Services Group, ENMET, Double L Group, Droplet Measurement Technologies, Saco Foods and Specialty Sales.

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