New Hope Investment Fund, a private equity fund headquartered in Beijing, China, has acquired Ruprecht Co., the oldest beef processor in the Chicago area. New Hope is the major shareholder of Kilcoy Pastoral Company, one of Australia’s largest beef processors, reports Crain’s Chicago Business.

Ruprecht Co., founded in 1860, employs about 270 people and is headquartered in Mundelion, Ill. Eric Anderson, a spokesperson for Ruprecht, said the acquisition will bring more supply into Ruprecht and therefore expand is operations.

“Kilcoy's value leans more toward the slaughterhouse side of the business and Ruprecht, they take raw products and turn them into finished goods,” he said. “They bring in boxed beef, boxed pork, chicken, etc. and they do the cooking, the vacuum sealing and the portion control.”

Alex T. Zhang, chairman of Kilcoy Pastoral and partner of Hosen, said in a statement that New Hope will invest in Ruprecht and grow the company.

“We plan to support Ruprecht with superior supply and additional investments, to solidify its competitive position and to grow its product offering and market positions,” he said.

Source: Crain’s Chicago Business