VOL. 130 | NO. 128 | Thursday, July 2, 2015
Monogram Foods Buys $100 Million Frozen-Appetizers Maker
Daily News staff
Memphis’ reigning meat maker is moving forward with a huge acquisition that will boost revenue by 25 percent, employment by more than 30 percent and add frozen appetizers to its product portfolio.
Monogram Foods was the successful bidder for Plover, Wisc.-based Golden County Foods. The transaction is expected to close in mid-July.
Golden County filed for Chapter 11 bankruptcy in May, according to media reports, and Monogram surfaced as a potential buyer shortly after.
Golden County counts annual revenue of $100 million, employs 550 people and operates two production facilities, according to a statement from Monogram announcing the acquisition. Once the deal closes, Monogram Foods will employ more than 2,300 people with annual revenue of more than $500 million.
“This acquisition helps to strengthen our position and commitment to the frozen foods category,” Monogram’s chairman and CEO Karl Schledwitz said in the statement. “The acceptance of our bid marks another important milestone in the growth of Monogram Foods and our commitment to not only save but also to create jobs in the markets in which we operate.”
Monogram Foods is a manufacturer and marketer of beef jerky, corn dogs, pre-cooked bacon and other meat products. It owns manufacturing plants in six states, all of which have been acquired over the past nine years. The company was founded in 2004 with the purchase of King Cotton and Circle B brand meats from Sara Lee Corp.