We have a custom setup which has several daemons (web apps + background tasks) running. I am looking at using a service which helps us to monitor those daemons and restart them
If you want to additionally monitor resources you should settle for monit. In addition to just checking whether a process is running (availability), monit can also perform some checks of resource usage (performance, capacity usage), load levels and even basic security checks (md5sum of a bianry file, config file, etc). It has a rule-based config which is quite easy to comprehend. Also there is a lot of ready to use configs: http://mmonit.com/wiki/Monit/ConfigurationExamples
Monit requires processes to create PID files, which can be a flaw, because if a process does not create pid file you have to create some wrappers around. See http://mmonit.com/wiki/Monit/FAQ#pidfile
Supervisord on the other hand is more bound to a process, it spawns it by itself. It cannot make any resource based checks as monit. It has a nice CLI servicectl
and a web GUI though.