Mason Wells announced that it has closed on an acquisition of Eddy Packing Co. Inc. The business will be owned by Mason Wells, management and other co-investors.
Headquartered in Yoakum, Texas, Eddy is a broadly diversified, premier processor of beef, pork and poultry products. The company offers a complete line of fully cooked, marinated, cured, fresh and frozen meat products, such as smoked sausage, fajita meat, pulled beef/pork/chicken, ribs, pork chops/loins, chicken breast, brisket and other meat products. In addition to owning one of the largest branded meat portfolios in its region, Eddy offers private label products to major retailers and foodservice distributors nationally.
“Mason Wells is pleased to be partnering with Eddy Packing to continue building upon its success, while expanding its market reach and developing new products,” said Greg Myers, managing director of Mason Wells. “Eddy has a dedicated management team and workforce, and a culture devoted to serving its customers.”
Ronald Beeman has owned Eddy since 1998 and will continue as an investor and member of the board of directors of the company. Scott McNair, a food industry executive with broad experience, including executive positions at Schwan’s, Tyson and ConAgra, has joined the company as chief executive officer.
McNair, 48, has won recognition among his peers as president of Schwan’s Home Service (a division of Schwan’s Food Corp.), where he was credited with launching several successful new food lines. Prior to his work at Schwan’s, McNair was the group vice president of the Consumer Group at Tyson Foods. McNair also held executive positions at Conagra and Nestle.
“I am excited to be a part of such a fast growing company. I look forward to establishing Eddy as a leading consumer brand as well as continue to grow our Food Service and co-packing opportunities,” said McNair.
“We are excited about our new partnership with Mason Wells and believe its experience in supporting growth-oriented businesses by bringing additional resources to the table will benefit Eddy’s customers, suppliers and employees, and enable us to grow on a national level.” said Beeman.
Co-investors included McNair, Akoya Capital, Hancock Capital Partners and the former owners of Eddy. Senior financing for the transaction was provided by BMO Capital Markets, Zions Bank and Associated Bank. Mezzanine financing was provided by Hancock Capital Partners.
Source: Eddy Packing Co. Inc.