Date set for Quantum Foods auction
by Meat&Poultry Staff
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BOLINGBROOK, Ill. – Online bidding for Quantum Foods' assets is currently underway, and a live Webcast auction has been set for June 24-26.
Assets up for bid include a 220,000-sq.-ft. production facility, an 80,000-sq.-ft. culinary facility and a 250,000-sq.-ft. cold-storage distribution center. The Remarketing Service Division of Tiger Group, which specializes in asset valuation, advisory and disposition services is managing the auction.
Quantum Foods filed for Chapter 11 bankruptcy protection in February. Officials at Quantum Foods attempted to strike a deal with Raging Bull Acquisition Company LLC to sell the company for $54 million, but the deal fell through in May. Quantum Foods was a producer of value-added protein products such as portion-controlled, ready-to-cook and value-added fully cooked foods made from beef, poultry and pork.
“This falls in the ‘sales not to miss’ category for anyone in the meat processing and packaging industries, as well food processing, cold storage, distribution or related businesses,” said Jeff Tanenbaum, president of Tiger Remarketing Services. “With over 600,000 sq. ft. of equipment in excellent condition, buyers will find some great buying opportunities. The real opportunity, though, would be for someone to buy the operation intact, something that we are continuing to entertain up until the auction date.”