Fengate Private Equity, a division of Fengate Asset Management, completed the acquisition of Saco Foods Holdings, LLC from Benford Capital Partners, marking Fengate's first platform investment in the United States. The transaction, for which the value was not disclosed, saw Fengate partnering with Weathervane Investment Corp. to foster Saco's growth, managing the investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada. Saco, established in 1973 by the Sanna family and led by CEO Tom Walzer since its sale in 2014, has evolved into a prominent player in the shelf-stable food sector with leading brands like Dolci Frutta, California Sun Dry, Saco Pantry, Solo Foods, and Hoosier Hill Farm.

The acquisition allows Fengate and Weathervane to support Saco's expansion through new product innovation, category and channel expansion, and further acquisitions. Jennifer Pereira, Group Head of Private Equity at Fengate, emphasized the strategic fit of Saco within their investment philosophy, highlighting the intention to enhance the company's brand portfolio and market presence in North America. Legal advisement for the purchase was provided by Kirkland & Ellis LLP, with debt financing from the Royal Bank of Canada. Ice Miller LLP and TM Capital served as legal and financial advisors, respectively, to Benford Capital Partners and Saco.