West Liberty Foods purchases Quantum Foods assets
West Liberty Foods LLC announced that it has closed on the purchase of substantially all of the assets of Bolingbrook, Illinois-based Quantum Foods. The items were to be sold at an auction scheduled for June 24-26. That auction has now been cancelled.
The equipment and inventory formerly owned by Quantum Foods were sold as a turnkey operation in a $12.7 million transaction coordinated by Tiger Group, City Capital Advisors, LLC, and Schneider Industries. The acquisition of the equipment and inventory was approved on June 19 by U.S. Bankruptcy Judge Kevin J. Carey, sitting in the District of Delaware.
“The successful conclusion of this turnkey sale means that hundreds of jobs will be created,” said Tiger Director Andy Babcock. “West Liberty plans to immediately begin the process of restarting the operations at the facilities.”
In separate transactions unrelated to the bankruptcy but also directed by Tiger and Schneider, West Liberty has agreed to purchase or lease the three Bolingbrook buildings that housed Quantum’s operations. The company plans to purchase the 220,000-square-foot production facility and 80,000-square-foot culinary facility, and agreed to lease the 250,000-square-foot cold-storage distribution center.
West Liberty Foods expects to start up meat processing operations at the Bolingbrook location within the next 30 days. The company, which plans to have 400 to 600 employees at the Bolingbrook sites within the next 12-14 months, will re-brand the facilities under the West Liberty Foods name.
“This is an exciting step forward for West Liberty Foods,” says Ed Garrett, president & CEO for West Liberty Foods. “This acquisition will enhance our offerings and benefit our customers, employees, and owners. In addition, we will be able to bring back jobs lost when Quantum Foods shut down its business.”
West Liberty Foods has three manufacturing locations in West Liberty, Iowa, Mount Pleasant, Iowa and Tremonton, Utah. The company is headquartered in West Liberty, Iowa.
Source: West Liberty Foods LLC, Tiger Group