Fengate Private Equity (CA) acquired Saco Foods Holdings (US), a diversified shelf-stable food platform, in a $476 million transaction completed on January 22, 2024. The deal was advised by TM Capital and Thera Capital on the buy side, while BC Miller Law Group assisted Fengate on legal matters.
| Acquirer | Fengate Private Equity (CA) |
|---|---|
| Target | Saco Foods Holdings (US) |
| Deal Value | $476m |
| Type of Deal | Acquisition |
| Date Announced | January 22, 2024 |
| Close Date | January 22, 1024 |
| Buy-Side Advisors | TM Capital, Thera Capital |
| Sell-Side Advisors | BC Miller Law Group |
| Legal Buy-Side Advisors | Kirkland & Ellis |
| Legal Sell-Side Advisors | Ice Miller |
Deal Mechanics
Fengate Private Equity, a division of Fengate Asset Management with over $8 billion in capital commitments under management, acquired Saco Foods Holdings. TM Capital and Thera Capital acted as financial advisors to Fengate, while Kirkland & Ellis served as legal counsel.
Strategic Rationale
The acquisition allows Fengate Private Equity to invest in a fast-growing shelf-stable food company with a strong presence across various retail channels. Saco Foods' diversified product portfolio and its market leadership position in multiple categories will support the strategic expansion of Saco's operations under new ownership.
Financial Context
Saco Foods, headquartered in Middleton, Wisconsin, operates under CEO Tom Walzer's leadership with a well-recognized reputation for high-quality products. The company is known for its brands such as California Sun Dry, Dolci Frutta, Saco Pantry, Solo Foods and Hoosier Hill Farm.
Advisors
The deal was facilitated by TM Capital on the buy side alongside Thera Capital. Legal advice to Fengate was provided by Kirkland & Ellis, while BC Miller Law Group advised on the sell-side matters.
Outlook
Fengate aims to further support Saco Foods' growth trajectory and capitalize on the company's strong market positioning in a growing sector. The acquisition of Saco Foods represents Fengate’s continued commitment to investing in established companies with potential for significant expansion within the food & beverage industry.