Monogram to acquire Golden County Foods for $37.2M
July 2, 2015
by Joel Crews
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MEMPHIS –Monogram Food Solutions, which recently announced a $7.2 million expansion at its processing plant in Virginia, continues to grow with the announcement of its acquisition of Golden County Foods Inc., Plover, Wis. Monogram, which manufactures and markets a variety of meat snacks and other value-added meat products, was the winning bidder for Golden County, which filed for Chapter 11 bankruptcy protection on May 15, 2015. Monogram confirmed the its winning bid was $37.2 million.
Monogram made its initial bid on May 26 and the transaction is expected to close in mid-July. Golden County reports annual sales of approximately $100 million and produces frozen appetizers, snacks, breakfast items and other items for foodservice and retail customers. The company maintains two processing plants and employs approximately 550 workers.
Over the past nine years, Monogram has been on an acquisition binge and has grown from 15 employees to 2,300 while increasing revenues from $8 million to over $500 million (including Golden Country).
“This acquisition helps to strengthen our position and commitment to the frozen foods category. 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,” said Karl Schledwitz, Monogram’s Chairman and CEO.