Saco Foods, a portfolio company of Benford Capital since December 2016, has acquired California Sun Dry Foods from Gary DeAtley and Bill Riley.
California Sun Dry is a supplier of jarred and bagged shelf-stable sun-dried tomato products which are sold through supermarkets, mass retailers and club stores in the US and Canada.
According to the company, California Sun Dry is the leading brand of sun-dried tomatoes in the United States. The company was founded in 1991 and is based near San Francisco in Danville, CA (www.calsundry.com).
Saco Foods is a packager and distributor of food products to supermarkets and mass retailers. The company’s products include Dolci Frutta, a microwaveable chocolate coating sold primarily as a complement to fruits and nuts, as well as powdered instant milk, powdered dry buttermilk, and baking cocoa. The company was founded in 1973 and is headquartered near Madison in Middleton, WI (www.sacofoods.com).
Simultaneous with the buy of California Sun Dry, Charles Olins, formerly a vice president of sales and marketing at Concord Foods, has been hired by Saco as a vice president and general manager to grow the California Sun Dry brand under Saco’s ownership.
“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.”
Benford Capital invests in lower middle market companies that have revenues of at least $3 million and EBITDA of at least $1 million. Sectors of interest include niche manufacturers, unique service companies, and specialty distributors. The firm was founded by Edward Benford and is based in Chicago (www.benfordcapital.com).
© 2019 Private Equity Professional | February 5, 2019