Saco Foods Completes Second Add-On Acquisition – Hoosier Hill Farm
May 11, 2021
Saco Foods Holdings, LLC (“Saco” or the “Company”), a branded niche market leading food products company and portfolio company of Benford Capital Partners (“Benford Capital”) has acquired Hoosier Hill Farm, LLC (“Hoosier Hill” or “HHF”), a digitally native, branded shelf stable food company with a broad line of baking and snack products (e.g., powdered milks, cheeses, baking ingredients, flavorings, etc.) primarily sold through eCommerce channels, such as HoosierHillFarm.com, Amazon, Walmart.com, and others. Saco acquired the business in partnership with HHF’s founder, Pete Roesner.
“I am excited about our investment in Hoosier Hill and the opportunities for the combined business leveraging Hoosier Hill’s expertise in eCommerce channels,” said Tom Walzer, Saco’s CEO. “Pete Roesner and I look forward to combining the resources of Saco’s best-in-class shared services platform, along with the cross-selling opportunities for Saco’s products in eCommerce and HHF’s products in traditional retail, where Saco has a 45+ year legacy of success.”
“After meeting Tom and his leadership team, it was apparent they would be the ideal partner to help facilitate the continued success of the Hoosier Hill Farm brand,” said Pete Roesner, founder of HHF. “As an engaged, ongoing owner, I am now able to focus on what I love – new product development and eCommerce strategy – while gaining access to exceptional resources to support systems, procurement, operations, and other administrative areas which strengthens our foundation as we take HHF to the next level.”
Ben Riefe, Managing Director of Benford Capital added, “First through the acquisition of California Sun Dry in 2018, and now with HHF in 2021, Tom and his team have proven their acquisition integration and execution capabilities. Today, Saco is more than six times larger than when we initially invested in 2016, and we look forward to continuing to support the Company’s future organic growth and add-on acquisition strategy.”
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 (i) Dolci Frutta, the leading confectionary dip for fruit, nuts, and other snacks, (ii) powdered instant milk, powdered dry buttermilk, and baking cocoa sold under the Saco Pantry family of brands, and (iii) California Sun Dry, the niche market leading brand in sun dried tomato products. Saco is recognized for its commitment to quality and unique, innovative products, which has helped the company establish consistent, long-term shelf placement with its top customers.
About Hoosier Hill Farm
Hoosier Hill Farm (www.hoosierhillfarm.com) is a digitally native, branded food company with a broad line of baking and snack products (e.g., powdered milks, cheeses, ingredients, flavorings, etc.) primarily sold through eCommerce channels, such as HoosierHillFarm.com, Amazon, Walmart.com, and others. Founded in 1991 and based in Fort Wayne, IN, Hoosier Hill Farm offers customers high quality and unique wholesome products for a variety of baking, cooking and snacking occasions.
About Benford Capital Partners
Founded in 2004, Benford Capital (www.benfordcapital.com) is a Chicago-based private equity firm focused on buying and building lower middle market businesses over the long-term in partnership with management. Since inception, Benford Capital has acquired 23 companies, including several add-on acquisitions, and currently owns 10 platform companies: Saco Foods, Brothers International, LiteSentry, Droplet Measurement Technologies, Warehouse Lighting, Atlas RFID, Ray Allen Manufacturing, Education Services Group, Double L Group and Specialty Sales.