National Beef Sells 79% Of The Company to a Holding Company
KSCB News - December 7, 2011 8:23 am
U.S. Premium Beef, LLC (USPB) and National Beef Packing Company, LLC (National Beef) today announced that the owners of National Beef have entered into a Membership Interest Purchase Agreement with Leucadia National Corporation (Leucadia) under which Leucadia will acquire approximately 79 percentof the outstanding ownership interests in National Beef. The operations and management structure of National Beef will remain unchanged.
“This transaction will enable us to address the liquidity desires of USPB’s diverse producer ownership base while maintaining our highly successful cattle supply system and a sizable investment in beef processing,” Steve Hunt, CEO of USPB, said in making the announcement. “Leucadia is a diversified holding company engaged in a variety of businesses; its broad and deep experience will enhance our partnership. Our goals for the future of National Beef are aligned, and we look forward to a long and successful partnership.”
Tim M. Klein, President and CEO of National Beef, will continue in that role upon completion of the transaction.