(OMAHA, Nebraska and NEW YORK) J.D. Heiskell Holdings LLC ("Heiskell") and AMERRA Capital Management, LLC ("AMERRA") announced that each firm has acquired a minority interest in the newly formed Norbest, LLC ("Norbest"), a privately held turkey grower and processor, headquartered in Moroni, UT. Under this transaction, the owners of the predecessor firm Norbest Inc also acquired a minority interest in Norbest.
Through its predecessor cooperatives, Norbest turkeys have been sold since 1926. The branded product line includes whole turkeys, specialty roasts, deli meats, fresh and frozen ground turkey, and ready to cook sausage patties and links. Norbest products are currently sold throughout the USA and in over two dozen countries.
Matthew Cook, Chief Executive Officer of Norbest, commented, "We are excited to partner with both Heiskell and AMERRA given their deep knowledge of the agricultural markets and food supply chain. As Norbest pursues a new phase of growth and expansion to meet our customers' demand for top quality, healthy turkey products, we are excited to have partners who are committed to Norbest's future success."
Ryan Pellett, President and Chief Executive Officer of Heiskell said, "Our strategic investment in this venture was driven by the stability and the integrity of the Norbest brand, as well as our trust in the leadership and the grower base that create the true value of that brand. We look forward to being part of the future success and growth that this group has targeted, and I am confident it will achieve."
Robert Hodgen, Portfolio Manager for AMERRA, added, "We believe that the combination of motivated grower-owners and a dedicated management team will enable Norbest to achieve our growth targets. We are pleased to partner with Heiskell and thank the entire Norbest team for their confidence in us."
Specific terms of the transaction were not disclosed. Norbest Inc. was advised by Levy Capital Partners in connection with this transaction.
About AMERRA Capital Management, LLC
AMERRA Capital Management, LLC is a New York based agribusiness asset manager with over $1 billion in AUM. AMERRA deploys capital supporting growth-oriented agribusinesses around the world which are often family controlled. AMERRA seeks to add value as a supportive and active partner with a full spectrum of customized equity and debt capital products. Since its inception in 2009, AMERRA has completed over 200 investments with an aggregate value of over $2.5 billion.
About J.D. Heiskell Holdings LLC [dba J.D. Heiskell & Co.]
J.D. Heiskell Holdings LLC [dba J.D. Heiskell & Co.] (www.heiskell.com) is a privately-held, professionally-managed commodity trading and livestock feed manufacturing enterprise conducting business across the breadth of the continental United States, Mexico, and the Pacific Rim. Founded in 1886 and continuously owned since then by the Heiskell and Hillman families, the company was identified as number 75 of the top 250 privately-held companies in the United States by Forbes magazine (December 2014 issue).