The sale of Sam Kane Beef Processors LLC has been finalized, and the company’s new owner has said that restarting operations is its top priority. The sale of the beef processor closed on Thursday, Feb. 28, according to the Corpus Christi Caller, and the new owner is SET Beef Co., an affiliate of Houston-based JDH Capital.
“We are excited to see this process reach a successful conclusion," said Ryan Connelly, president of STX Beef. "Kane Beef has been serving ranchers, feeders and customers in South Texas and beyond for almost 70 years, and we look forward to restoring its legacy of providing high-quality beef sourced from trusted Texas beef producers."
The company had endured financial and operational difficulties and was shut down earlier this year due to a wastewater violation. It also was working to pay down debt to the city of Corpus Christi over unpaid utility bills and a $38 million judgment for failing to comply with the Packers and Stockyards Act. Kane Beef filed for Chapter 11 bankruptcy protection in January, and many of its 726 were furloughed.
Connelly said that STX Beef is working to get permits to restart operations and complete an ongoing review of plant operations.
Source: Corpus Christi Caller