Triumph Foods, St. Joseph, Mo., purchased a 50% ownership in Daily’s Premium Meats, the Missoula, Mont.-based processed meats division of Seaboard Foods, Shawnee Mission, Kan., that produces and markets raw and pre-cooked bacon, ham and sausage. Daily’s Premium Meats will be owned 50/50 by Seaboard Foods and Triumph Foods as of Sept. 27. As a result of the transaction, Seaboard received cash proceeds of $72.5 million and will recognize an estimated pre?tax gain of approximately $55 million, subject to final working capital adjustments.
In conjunction with the transaction, Kelly Hattan was appointed president of Daily’s Premium Meats.
“This partnership will enable Daily’s to further solidify a supply of high-quality raw materials, while providing additional capital to expand production and the geographical footprint where Daily’s sells its products,” says Hattan. “I’m excited about the significant opportunities for growth as a result of this enhanced partnership.”
Daily’s Premium Meats offers a variety of processed pork items from signature honey cured bacon to Applewood smoked bacon to naturally smoked hams to breakfast sausages. Operating since 1893, Daily’s has further processing plants in Salt Lake City, Utah, and Missoula, Mont.
Processed meats, such as bacon, hams and breakfast sausage, will continue to be marketed under the Daily’s Premium Meats brand.