Ct Healthmarket via BizWire
08-06-2003, 03:31 PM
MINNEAPOLIS--(BUSINESS WIRE)--Aug. 6, 2003--Goldsmith Agio Helms
announced today the completed sale of Farmland Industries, Inc.'s
("Farmland Industries") interest in Farmland National Beef Packing
Company, L.P. ("National Beef") to a group of investors led by U.S.
Premium Beef Ltd ("USPB").
Goldsmith Agio Helms was retained by Farmland Industries to
represent it in the sale of both National Beef and Farmland Foods,
Inc. Farmland Industries previously held a 71 percent stake in
National Beef while USPB held the remaining 29 percent. USPB paid $232
million for Farmland Industries' interest.
In addition, U.S. District Court Judge Jerry Venters of the U.S.
Bankruptcy Court for the Western District of Missouri in Kansas City
has approved the bid and auction procedures for the sale of Farmland
Foods, Inc. to Smithfield Foods, Inc. for $363.5 million. That sale is
expected to be completed later this fall.
Kevin G. Jach, managing director and partner of Goldsmith Agio
Helms, commented, "National Beef is a well-run, growing beef packer
with continued opportunity ahead of it. Its existing relationship with
USPB should help the transition of ownership from Farmland Industries
to USPB go smoothly." David G. Iverson, vice president of Goldsmith
Agio Helms, added "With the completion of this sale, National Beef
will continue its tradition of producer ownership and further its
commitment to vertically integrating the beef packing industry to the
benefit of all constituents."
Farmland Industries, Inc., headquartered in Kansas City, Missouri,
is a diversified agricultural cooperative with interests in food,
fertilizer, petroleum, grain, and animal feed businesses.
Farmland National Beef Packing Company, L.P., headquartered in
Kansas City, Missouri, processes and markets fresh beef, boxed beef
and beef byproducts for domestic and international markets. It holds a
10 percent market share in the United States.
U.S. Premium Beef Ltd, headquartered in Kansas City, Missouri, is
a producer-owned, beef marketing company with more than 1,850 producer
members in 37 states representing all segments of the U.S. beef
industry.
Farmland Foods, Inc., headquartered in Kansas City, Missouri, is
one of the largest producers and marketers of pork products in the
U.S.
Smithfield Foods, Inc (NYSE:SFD), headquartered in Smithfield,
Virginia, is a leading processor and marketer of fresh pork and
processed meats in the U.S., as well as the largest producer of hogs.
Goldsmith Agio Helms (www.agio.com) is one of the nation's leading
private investment banking firms providing expert financial advisory
services to middle-market businesses. Goldsmith Agio Helms provides a
full array of services, including mergers and acquisitions advisory,
distressed advisory and restructurings, valuations and fairness
opinions, and private placements of debt and equity. The firm's 55
professionals advise public and private businesses engaged in a wide
variety of industries through its offices in Minneapolis, New York,
Chicago, Los Angeles, and Naples, Florida.
announced today the completed sale of Farmland Industries, Inc.'s
("Farmland Industries") interest in Farmland National Beef Packing
Company, L.P. ("National Beef") to a group of investors led by U.S.
Premium Beef Ltd ("USPB").
Goldsmith Agio Helms was retained by Farmland Industries to
represent it in the sale of both National Beef and Farmland Foods,
Inc. Farmland Industries previously held a 71 percent stake in
National Beef while USPB held the remaining 29 percent. USPB paid $232
million for Farmland Industries' interest.
In addition, U.S. District Court Judge Jerry Venters of the U.S.
Bankruptcy Court for the Western District of Missouri in Kansas City
has approved the bid and auction procedures for the sale of Farmland
Foods, Inc. to Smithfield Foods, Inc. for $363.5 million. That sale is
expected to be completed later this fall.
Kevin G. Jach, managing director and partner of Goldsmith Agio
Helms, commented, "National Beef is a well-run, growing beef packer
with continued opportunity ahead of it. Its existing relationship with
USPB should help the transition of ownership from Farmland Industries
to USPB go smoothly." David G. Iverson, vice president of Goldsmith
Agio Helms, added "With the completion of this sale, National Beef
will continue its tradition of producer ownership and further its
commitment to vertically integrating the beef packing industry to the
benefit of all constituents."
Farmland Industries, Inc., headquartered in Kansas City, Missouri,
is a diversified agricultural cooperative with interests in food,
fertilizer, petroleum, grain, and animal feed businesses.
Farmland National Beef Packing Company, L.P., headquartered in
Kansas City, Missouri, processes and markets fresh beef, boxed beef
and beef byproducts for domestic and international markets. It holds a
10 percent market share in the United States.
U.S. Premium Beef Ltd, headquartered in Kansas City, Missouri, is
a producer-owned, beef marketing company with more than 1,850 producer
members in 37 states representing all segments of the U.S. beef
industry.
Farmland Foods, Inc., headquartered in Kansas City, Missouri, is
one of the largest producers and marketers of pork products in the
U.S.
Smithfield Foods, Inc (NYSE:SFD), headquartered in Smithfield,
Virginia, is a leading processor and marketer of fresh pork and
processed meats in the U.S., as well as the largest producer of hogs.
Goldsmith Agio Helms (www.agio.com) is one of the nation's leading
private investment banking firms providing expert financial advisory
services to middle-market businesses. Goldsmith Agio Helms provides a
full array of services, including mergers and acquisitions advisory,
distressed advisory and restructurings, valuations and fairness
opinions, and private placements of debt and equity. The firm's 55
professionals advise public and private businesses engaged in a wide
variety of industries through its offices in Minneapolis, New York,
Chicago, Los Angeles, and Naples, Florida.
