Sam Kane Beef Processors acquired by a real estate developer
Under the terms of the transaction, JDH intends to acquire substantially all the operating assets of Kane Beef. JDH plans to make meaningful investments in the processing plant and will continue to operate the business as a going concern.
“The auction of the Kane Beef property represents a new beginning. While there have been recent challenges with the business, our potential investment is an indication of the opportunity we see to turn things around. We will be moving ahead in the coming weeks to fully assess the business and formulate a long-term plan for revitalization. Pending closing and receipt of all required permits, our goal is to resume operations as soon as practicable and get employees back to work,” Ryan Connelly, Managing Director of JDH, said.
Kane Beef management is working with the new buyers to begin operations as soon as possible.