HOOKSETT, N.H. – An unnamed private ownership group acquired food distributor Poultry Products Northeast (PPNE) in a management-led buyout organized by Julian Stogniew, the owner of PPNE. The transaction is valued at more than $30 million which includes financing for a new distribution and processing facility.
The group of investors that acquired PPNE was not named. However, PPNE said, “…Several of the investors have been involved with PPNE for many years and have an intimate understanding of the company and its employees.”
“This new group of owners share my commitment to our employees, and I look forward to watching them lead PPNE to the next step in its evolution,” Stogniew said.
Brennan Investment Group, a Chicago-based private real estate investment firm, will develop the new facility slated for construction in Londonderry, New Hampshire. The 105,000 sq. ft. building will feature 40,000 sq. ft of warehouse space which mostly will be refrigerated or frozen; an 18,000-sq.-ft. refrigerated dock; 8,000 sq. ft. of processing space and a 3,000-sq.-ft. test kitchen and presentation room.
Bill Conrad, CEO and president of PPNE said, “We are grateful to Julian and the dedicated team at PPNE who have worked to build the company to what it is today. We wouldn’t be where we are today without their efforts and commitment. With his blessing, we are excited to look forward to the future.”
PPNE is the largest independently owned food distributor in New England and Upstate New York. The company offers its 3,000-plus customers a full line of proteins and other items including all-natural and local products such as beef, poultry, pork, seafood, lamb, veal, ethnic specialties, produce and provisions.