Quantum Foods receives enhanced sale agreement approval
Schedule finalized for auction and sale
Quantum Foods LLC, a leading independent custom provider of value-added proteins, announced that it has received bankruptcy court approval of its entry into a fully-executed Asset Purchase Agreement with Raging Bull Acquisition Company LLC. The approved agreement provides for a substantial increase in the value paid for the business of at least $6.5 million over the previous stalking horse terms.
Raging Bull, a subsidiary of funds managed by Oaktree Capital Management L.P., whose portfolio of companies also includes AdvancePierre Foods, Inc., agreed to a cash purchase price of $54 million and the assumption of up to $30.3 million in liabilities. Closing of the sale is scheduled for April 23, 2014.