M&A Deal Summary

Fengate Asset Managment and Weathervane Investments Acquire Saco Foods

On January 22, 2024, asset manager Fengate Asset Managment and private equity firm Weathervane Investments acquired food company Saco Foods from Benford Capital Partners

Acquisition Highlights
  • This is Fengate Asset Managment’s 1st and Weathervane Investments’ 1st transaction in the Food sector.
  • This is Fengate Asset Managment’s 3rd and Weathervane Investments’ 1st transaction in the United States.
  • This is Fengate Asset Managment’s 1st and Weathervane Investments’ 1st transaction in Wisconsin.

M&A Deal Summary
Date 2024-01-22
Target Saco Foods
Sector Food
Buyer(s) Fengate Asset Managment
Weathervane Investments
Sellers(s) Benford Capital Partners
Deal Type Secondary Buyout
Advisor(s) TM Capital Corp. (Financial)

Target

Saco Foods

Middleton, Wisconsin, United States
Saco Foods is a packager and distributor of specialty consumer packaged goods food products. 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 Foods was founded in 1973 and is based in Middleton, Wisconsin.

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Buyer(S) 2

Buyer

Fengate Asset Managment

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1974
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Fengate Asset Management is an alternative asset management firm focused on real estate, infrastructure, and private equity investing. The Firm's private equity group looks to identify mid-market investment opportunities across North America. Fengate's infrastructure group focuses on public-private partnerships, contracted power and contracted utilities throughout Canada. The Firm's real estate group seeks to develop and manage office, retail, industrial, residential and commercial assets. Fengate Asset Management was formed in 1974 and is headquartered in Toronto.

DEAL STATS #
Overall 8 of 8
Sector (Food) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Wisconsin) 1 of 1
Country (United States) 3 of 3
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-19 Morris Cogeneration

Morris, Illinois, United States

Morris Cogeneration is a 177-megawatt combined heat and power facility. Morris Cogeneration is based in Morris, Illinois.

Buy -
Buyer

Weathervane Investments

Investor Investor

Category Private Equity Firm
Founded 2023
PE ASSETS 100M CAD
Size Small
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 1 of 1
Sector (Food) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Wisconsin) 1 of 1
Country (United States) 1 of 1
Year (2024) 1 of 1

Seller(S) 1

SELLER

Benford Capital Partners

Chicago, Illinois, United States

Investor Investor Investor

Category Private Equity Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

Benford Capital Partners is a private equity investment firm focused on leveraged buyouts and recapitalizations of smaller, lower middle-market companies in the US and Canada. Benford targets niche manufacturers, unique service companies and specialty distributors with minimum sales of $3 million, and at least $1 million in EBITDA. Avoided industries/transactions include retail, restaurants, software, start-ups, real estate, commodity products, and biotech. Benford Capital Partners was formed in 2004 and is based in Chicago, Illinois.

DEAL STATS #
Overall 7 of 10
Sector (Food) 1 of 1
Type (Secondary Buyout) 3 of 4
State (Wisconsin) 1 of 1
Country (United States) 7 of 10
Year (2024) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-16 RP Foods

Dallas, Texas, United States

RP Foods is a private label, and B2B Hispanic food and beverage products company selling to retail and CPG food customers across the United States. RP Foods was founded in 1999 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-20 Alpha Safety

Golden, Colorado, United States

Alpha Safety is a global provider of highly engineered, technical products and services focused on radiation protection and safety in mission-critical operating environments. It offers a diversified suite of capabilities, including ventilation and containment, engineered containers, field services and maintenance, advanced transportation containers, specialty filters, and radiometric instrumentation. Alpha Safety was formed in 1986 and is based in Golden, Colorado.

Sell $107M
Mergr

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