Indiana Packers Corp. Details 'On-Point' Acquisition Agreement
DELPHI - Delphi-based Indiana Packers Corp. has agreed to acquire Specialty Foods Group LLC of Owensboro, Kentucky. The deal still requires regulatory approval and is expected to close in the coming weeks. SFG's parent, Toronto-based Specialty Foods Group Income Fund, says proceeds from the sale are expected to total up to $27 million.
In addition to its Delphi headquarters, IPC has pork processing facilities in Frankfort and Michigan. President Russ Yearwood says "we're looking for ways to grow our business and adding SFG is strategically on-point. They're a company with successful brands, outstanding people and smart business strategies. This acquisition will improve our position in a very competitive global protein market."
The Greater Owensboro Economic Development Corp. says SFG employs some 600 in the northeast Kentucky city. It produces hot dogs, hams, bacon and deli meats under brands including Field, Kentucky Legend, Kentuckian Gold, Fischer's, Mickelberry's and Scott Pete. SFG is also a private label pork product maker and its heritage dates back more than 100 years.