Case Study
Case Study
Saco Foods, LLC sells to Benford Capital Partners
Client need
Saco Foods, LLC (“Saco”) is a leading packager and distributor of specialty consumer packaged goods food products, based in Middleton, Wisconsin. Introduced in 1973, Saco’s first product in the market was Mix’n Drink, a nonfat powdered milk. Other products followed, including its flagship brand, Dolci Frutta, a microwaveable chocolate coating sold primarily as a complement to fruits and nuts.
Company management desired to recapitalize the business to pursue growth initiatives and its strategic roadmap to expand the Company’s offerings and increase market share.
Baker Tilly Capital Solution
Baker Tilly Capital’s extensive experience with consumer packaged goods and food product experience played a critical role throughout the engagement. While Baker Tilly Capital was instrumental during the process, it played a significant role in strategically positioning the Company for sale in a growing and trendy market.
Baker Tilly Capital worked closely with Saco throughout the process to identify a partner for the Company that shared its vision for Saco’s future while preserving the Company’s 40+ year legacy.
Results
Baker Tilly Capital narrowed the list of potential partners throughout the engagement to identify those with characteristics sought by Company Management. Ultimately, Benford Capital Partners was chosen to steward the future of Saco while partnering with Company Management. Benford is a private equity group focused on long-term investments in smaller middle market companies in the United States and Canada.
The Company successfully closed its majority sale recapitalization on December 1, 2016 (values undisclosed).
Baker Tilly Capital allowed me to run my business without interruption during one of the most important transactions of my life. They provided valuable information about the market and how our company was positioned in order to execute a sales process to realize the best value. In the end, we found a partner who was aligned with culture and values while supporting our growth objectives. I chose Baker Tilly Capital for their reputation and pragmatic approach. I will choose them again for the quality and transparency of their work.Tom Walzer, CEO, Saco Foods
