Updated: West Liberty Foods acquires Quantum assets
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WEST LIBERTY, Iowa – West Liberty Foods LLC closed on a purchase of most of Quantum Foods' assets in a transaction valued at $12.7 million, the company announced June 23. Tiger Group and Schneider Industries, which coordinated the deal, canceled a live Webcast auction scheduled for June 24-26.
West Liberty said the company expects to begin meat-processing operations at the Bolingbrook, Ill. location within 30 days. Assets up for bid included a 220,000-sq.-ft. production facility, an 80,000-sq.-ft. culinary facility and a 250,000-sq.-ft. cold-storage distribution center. Quantum Foods filed for Chapter 11 bankruptcy protection in February.
“This is an exciting step forward for West Liberty Foods,” says Ed Garrett, president and CEO for West Liberty Foods. “This acquisition will enhance our offerings and benefit our customers, employees, and owners. In addition, we will be able to bring back jobs lost when Quantum Foods shut down its business.”
West Liberty Foods plans to have 400 to 600 employees at the Bolingbrook facility within the next 12 to 14 months. The company also will re-brand the facilities under the West Liberty name.
West Liberty Foods operates three manufacturing facilities in West Liberty, Iowa, Mount Pleasant, Iowa and Tremonton, Utah. The company has headquarters in West Liberty, Iowa.