Benford Capital has acquired Legacy Bakehouse in partnership with the company’s president, Peter Sardina.
Legacy Bakehouse is a developer and manufacturer of baked snack ingredients, including bagel chips, rye chips, pita chips, and other ingredients. The company’s branded, custom, and private label products are sold to numerous consumer packaged goods companies and retail customers.
Legacy’s company-owned brands include its Pinahs brand of rye chips and snack mixes, and its 59,000 sq. ft. manufacturing facility is located near Milwaukee in Waukesha, Wisconsin.
“We are excited to partner with Benford Capital in our next phase of growth,” said Mr. Sardina. “Our team looks forward to working together to grow with our existing customers, expand our production footprint, and remain committed to the exceptional customer service Legacy is known for.”
The acquisition of Legacy is the second platform investment for Benford Capital Partners II LP (Fund II) which closed in at its hard cap in May 2022 with $200 million of limited partner capital. In August 2022, Benford acquired its first Fund II platform with the buy of Gum Products International, a business-to-business food ingredients company that specializes in hydrocolloid blends (mixtures of substances used in food and drink products to improve texture, stability, and other properties), vinegar-based antimicrobials, and other functional food ingredients and processing agents.
“We look forward to building on the Legacy team’s success through leveraging Benford’s operating partners and executive advisors to help the company achieve its near-term growth objectives,” said Brian Behm, a principal at Benford. “The acquisition of Legacy marks Benford’s 5th platform investment in the food sector, a key focus area for the firm.”
According to Benford, its value creation plan for Legacy includes enhancing the company’s operational capacity and sales capabilities and the pursuit of add-on acquisitions of snack component developers and manufacturers.
“Legacy Bakehouse is a great company with a rich history and successful track record,” said Ben Riefe, a managing director at Benford. “Peter Sardina and the Legacy team have firmly established the company as a leader in baked snack components, and we look forward to executing our value creation plan together.”
Benford invests in lower middle-market companies that have revenues from $5 million to $100 million and EBITDA from $1 million to $10 million. Sectors of general interest include niche manufacturers, unique service companies, and specialty distributors with a specific interest in industrial technology, consumer products, and food, B2B e-commerce, and agricultural products and services.
© 2023 Private Equity Professional | April 21, 2023
