Waimea Butcher Shop and Parker Ranch Inc. are announcing that they have signed a term sheet to finalize a strategic alliance. Under the terms of the partnership, Parker Ranch Inc. will become an equity owner in the existing business of Waimea Butcher Shop and its strategic capital partner for future growth opportunities. Additionally, Mills Stovall will continue to operate Waimea Butcher Shop's day-to-day business as the manager and majority owner. The deal is expected to close in early 2023.
The alliance is closely aligned with Parker Ranch's strategic priorities of investing in Waimea, supporting the local agriculture ecosystem, and sustainability. Mills Stovall shares these values with Parker Ranch. Mills' vision is to run a sustainable, locally sourced business that only offers products from Hawaii. The plan for the new partnership is to continue to offer beef from different ranch brands, based on the principle of "open" architecture to help ranches develop their brands and obtain access to retail customers.