National Beef Packing Co. LLC said it intends to acquire the remaining 25 percent interest of Kansas City Steak Co. LLC that it does not already own. The two companies have been partners since National Beef acquired 75 percent of the company in 1997, reports the Kansas City Business Journal.
“This acquisition provides a tremendous opportunity to optimize our production platform while accelerating the growth of the Kansas City Steak brand and expand the products and services available to our customers,” National Beef CEO Tim Klein said in a release.
The deal is expected to close in April, subject to customary closing conditions.
Kansas City Steak supplies restaurant chains such as Houlihan’s and Darden Restaurants. The company underwent a $4 million expansion in 2009, adding on 30 to 40 new employees.
Source: Kansas City Business Journal