Private-equity group Benford Capital Partners is recapitalising US dip maker Saco Foods in partnership with its CEO Tom Walzer and founder Ray Sanna. 

Walzer and Sanna will continue to lead the group, the private-equity firm said in a statement.

“We’ve really enjoyed getting to know Tom, Ray and the entire Saco team,” said Ed Benford, MD of Benford Capital Partners. “Saco is a terrific business with a long-standing reputation for developing unique, high quality food products and we are excited about the company’s long-term growth potential under Tom’s leadership.”

Saco was founded in 1973 and supplies Daoci Frutta, a chocolate dip, to supermarkets and mass retailers in the US.  The company also produces other snacks, powdered instant milk, powdered dry buttermilk and baking cocoa sold under the Saco Pantry family of brands.

“Ray Sanna and I are thrilled to partner with Benford Capital to build upon Saco’s legacy in our next stage of growth and success,” said Walzer. “I look forward to working with Benford Capital in the years ahead as we collaboratively develop and execute on our long-term growth plan.”

Financial details of the transaction were not disclosed.