November 6, 2019 | Posted on ABLAdvisor.com
Beef International Inc., (BI Foods) a custom manufacturer of premium meat products, announced that it has reached an agreement to sell its business operations and certain assets to RKW Holdings, LLC (RKW). The transaction is expected to close within the next 30 – 45 days. RKW will continue to operate the business out of the existing Beef International location in Pennsauken, NJ and employ over 50 people.
BI Foods retained Equity Partners HG earlier this year to explore strategic options for the Company and after completing an extensive process, ownership felt the offer presented by RKW was the best fit. Matt LoCascio, a managing director at Equity Partners HG, added “The offer from RKW compliments the existing business and employees of BI Foods and will allow them to pursue their growth objectives.”
Founded over 35 years ago, BI Foods specializes in manufacturing roast beef, corned beef, pastrami, pot roast, ribs, osso bucco, shredded pork and other “value-added” protein products. The operation is run out of a U.S.D.A. approved 36,000 sq. ft. facility and is SQF level 2 and Halal certified.
“We are excited for the opportunities to grow the business and build upon BI Foods commitment to provide its customers with high-quality protein products.” said Kevin Ingraldi, RKW’s President. “We will be working to provide our customers with new “value-added” offerings, in addition to our existing products. We look forward to expanding upon the quality reputation BI Foods has in the markets that it services including service major food-service distributors, restaurant chains, supermarkets and specialty food providers.”
Marc Ross of HBM Management Associates, LLC, consultants to BI Foods, commented, “RKW’s significant experience will translate into great things for the Company. I believe the plans they have proposed to grow the Company and expand its product offerings fit well with the history of BI Foods and the great management team here. There are some exciting things to come in the future and I look forward to seeing them grow and prosper.”