OMAHA, NEB., and NEW YORK – J.D. Heiskell Holdings, L.L.C. and Amerra Capital Management L.L.C. each have acquired a minority interest in the newly formed Norbest, L.L.C., a privately-held turkey processer based in Moroni, Utah, J.D. Heiskell Holdings said Aug. 21. Specific terms of the transaction were not disclosed.
Through its predecessor cooperatives, Norbest turkeys have been sold since 1926. The branded product line includes whole turkeys, specialty roasts, deli meats, fresh and frozen ground turkey, and ready-to-cook sausage patties and links. The products are sold in the United States and more than two dozen countries.
|Matthew Cook, c.e.o. of Norbest|
“We are excited to partner with Heiskell and Amerra given their deep knowledge of the agricultural markets and food supply chain,” said Matthew Cook, chief executive officer of Norbest. “As Norbest pursues a new phase of growth and expansion to meet our customers’ demand for top quality, healthy turkey products, we are excited to have partners who are committed to Norbest’s future success.”
Norbest, L.L.C. will own substantially all of the assets of Norbest, Inc., which is a grower, processor and marketer of turkeys, and Moroni Feed Co., according to Levy Capital Partners, L.L.C., which completed financing and related transactions for Norbest, Inc., its client. The 37 turkey growers who previously owned Moroni Feed Co. also will have a minority interest in the new company, Norbest, L.L.C.
“Our strategic investment in this venture was driven by the ability and the integrity of the Norbest brand, as well as our trust in the leadership and the grower base that create the true value of that brand,” said Ryan Pellett, president and c.e.o. of Heiskell, a privately-held commodity trading and livestock feed manufacturing enterprise.Amerra Capital Management is a New York-based agribusiness asset manager.