MORONI, Utah, Aug. 28, 2015 /PRNewswire/ -- Utah's largest
turkey producing, processing and marketing cooperative has changed
its corporate structure to a limited liability company, added two
significant equity partners, and changed its name to
Norbest®, LLC.
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In the deal, J.D. Heiskell &
Co. and AMERRA Capital Management, LLC, will each acquire minority
interests in the newly formed Norbest, LLC, which will own
substantially all of the assets of Moroni Feed Company and Norbest,
Inc. The remaining equity in the new company will continue to be
owned by the 37 turkey growers who previously owned Moroni Feed
Company.
"This is the most significant change in the history of Moroni
Feed and its member turkey growers, which collectively have been a
core employer in central Utah for
nearly 100 years," said Moroni Feed/Norbest President and CEO
Matt Cook, who will retain those
positions in the new Norbest, LLC.
The turkey growers who are members of Moroni Feed will continue
to be part owners and will now grow turkeys for the new company
under production contracts instead of cooperative agreements. This
means growers will have limited financial exposure due to
fluctuating prices and will be compensated based on performance
measures. Production contracts will help stabilize the
growers' income and enable them to invest capital to improve
efficiency and increase volume.
Norbest's New Partners
J.D. Heiskell Holdings
LLC [dba J.D. Heiskell & Co.]
(www.heiskell.com) is a privately held, professionally managed
commodity trading and livestock feed manufacturing enterprise
conducting business across the breadth of the continental
United States, Mexico, and the Pacific Rim.
AMERRA Capital Management, LLC is a New York-based agribusiness asset manager with
over $1 billion in AUM. AMERRA
deploys capital supporting growth-oriented agribusinesses around
the world.
About Norbest, LLC
Headquartered in Moroni, Utah,
Norbest, LLC grows, processes and markets whole turkeys and
value-added turkey products. It is one of the top turkey marketing
firms in the United States, and,
until recently changing corporate structures, was the oldest
cooperative turkey-growing organization of its type in the
world.
Norbest offers a full line of turkey products, including whole
birds, bone-in breasts and boneless roasts for both retail and food
service; ground turkey; turkey steaks; cooked, roasted, and smoked
deli breasts; turkey ham; and a host of other fine products.
Media Contacts:
Matt Cook
435 436 8221
Paula Williams
714 547 6383
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/norbest-revises-corporate-structure-and-welcomes-investment-partners-to-accelerate-growth-create-new-opportunities-300134534.html
SOURCE Norbest, LLC