Corpus Christi, TX - Sam Kane Beef Processors, LLC (“Kane Beef”) Kane Beef announced today that JDH Capital Company (“JDH”) of Houston, Texas has emerged as the winner of its court-approved bankruptcy auction. 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.
Statement from Judge Richard Schmidt, Receiver to Kane Beef:
“I am pleased with the results of the process and the positive outcome that it will have on Kane Beef’s employees and the Corpus Christi community as a whole. I have great confidence in JDH’s vision for Kane Beef.”
Statement from Ryan Connelly, Managing Director of JDH:
“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.”
As part of the auction process, Rabo AgriFinance was selected as back-up bidder.
Okin Adams LLP served as legal counsel, The Claro Group as financial advisor, and Gordian Group as investment banker to Kane Beef. Kirkland & Ellis LLP served as legal counsel to JDH Capital Company.
Sam Kane Beef Processors, LLC is a leading independent, fully-automated processor and distributor of beef and beef products based in Corpus Christi, Texas.