Saco Foods Completes Third Add-On Acquisition – Solo Foods
October 2, 2023
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”), is pleased to announce the acquisition of Solo Foods, LLC (“Solo”). The acquisition, Saco’s third since partnering with Benford Capital in 2016, adds another market-leading specialty baking ingredient brand to the Saco family of brands. Saco acquired Solo from Chicago-based custom food ingredient manufacturer, Sokol & Company. Shannon Pimmel, formerly Sokol & Company’s National Sales Manager, has joined Saco to grow the Solo brand under Saco’s ownership.
Founded in 1925, Solo brings a 128-year legacy of time-honored specialty baking ingredient products to the Saco portfolio. Solo’s products include cake & pastry fruit fillings, nut pastes, and marzipan, which are primarily sold in the center-store baking aisle in traditional supermarkets and mass retailers in the U.S.
“I am thrilled to bring this honored, legacy brand into our family of unique products. Solo’s products are a perfect tuck-in to the Saco Pantry’s center-store baking line,” said Tom Walzer, Saco’s CEO. “We look forward to combining the resources of Saco’s best-in-class shared services platform, along with cross-selling opportunities for Solo’s products in eCommerce and traditional retail, to capitalize on the significant growth opportunities for the combined portfolio of brands.”
Tim Novak, Partner at Burlington Capital Partners and Chairman of Sokol & Company, said “After nearly 100 years of driving sales and distribution of the Solo products, the Sokol team is excited to see the brand thrive in this next chapter under the leadership and retail expertise of Saco. The Solo brand is a perfect fit for Saco and we look forward to supporting Solo’s growth through the continued manufacturing of the Solo products.”
Ben Riefe, Managing Director of Benford Capital, added, “Solo is a terrific brand with a long-tenured, consistent track record of placement across its retailer customer base. We’re thrilled to support Saco and the Company’s strategy to build a portfolio of market-leading, shelf-stable brands in the center store and produce aisles, both through organic growth and acquisitions. We look forward to leveraging the Saco platform’s resources to further develop and grow the Solo brand.”
ABOUT SACO FOODS
Saco 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 buttermilk, and baking cocoa sold under the Saco Pantry family of brands, (iii) California Sun Dry, the niche market-leading brand in sun dried tomato products, and (iv) Hoosier Hill Farm, a digitally native, shelf-stable branded line of baking ingredients and snack products primarily sold through eCommerce channels. 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 BENFORD CAPITAL PARTNERS
Founded in 2004, Benford Capital is a Chicago-based private equity firm focused on buying and building leading lower middle market companies in partnership with founders and management. Since inception, Benford Capital has acquired over 50 companies, including several add-on acquisitions, and currently owns 17 platform companies. Industry areas of focus include industrial technology, consumer products and food, B2B e-commerce, and agricultural products and services. For more information, please visit www.benfordcapital.com.