HKW Recapitalizes Golden Country Oriental Food, Golden Ocean Seafood
HKW has recapitalized Golden Country Oriental Food LLC and its wholly owned subsidiary, Golden Ocean Seafood Inc. The Lee family will remain significant investors in the company, and the management team will remain in place.
Golden Country is a distributor of authentic ethnic foods primarily servicing the grocery, wholesale, and foodservice channels. It is a distributor of frozen seafood servicing the same channels. The company carries more than 3,500 dry, refrigerated, and frozen SKUs sourced from over 20 countries.
“The Lee family has built a tremendous business,” said John Carsello, Partner at HKW. “We have a long track record in specialty distribution and believe we can be a value-added partner for Golden Country as the business enters its next growth phase.”
“From our beginnings as a small grocery store in the early 70s servicing customers in Chicago’s Chinatown, we have grown to service customers throughout the Midwest,” said Sidney Lee, CEO. “This new partnership with John Carsello and his team will enable Golden Country to achieve our ambitious growth objectives and continue to provide our customers with the best product selection at affordable prices.”
“Golden Country is poised to benefit from market and demographic trends and is in a good position to accelerate expansion through add-on acquisitions,” said Michael Terrell, Vice President at HKW. “We intend to use a comparable playbook at Golden Country as we have in the past on similar investments.”
Taft Stettinius & Hollister LLP served as legal counsel to HKW. G2 Capital Advisors, LLC acted as exclusive financial advisor to Golden Country.
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Happy Labor Day Weekend From Gourmet News
All of us wish you a happy and safe Labor Day Weekend and hope you find time to time to relax, like our furry friend here.
Labor Day pays tribute to the contributions and achievements of American workers and is traditionally observed on the first Monday in September. It was created by the labor movement in the late 19th century and became a federal holiday in 1894. It also symbolizes the end of summer for many Americans, and is celebrated with parties, street parades and athletic events.
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Walmart Invests in Sustainable Beef to Give Affordable Options for Shoppers
Walmart has signed an agreement to acquire a minority stake in Sustainable Beef LLC, a rancher-owned company based in North Platte, Neb. Walmart’s equity investment is part of a broader strategic partnership to source top-quality angus beef from Sustainable Beef LLC’s new beef processing facility. This partnership helps supplement the current beef industry and provides additional opportunities for ranchers to increase their business. As part of the investment, Walmart will also have representation on Sustainable Beef’s board.
Walmart’s investment will help Sustainable Beef LLC open its beef processing facility in North Platte. The facility is expected to break ground next month and open by late 2024, creating more than 800 new jobs. Walmart’s work with Sustainable Beef LLC will create more capacity for the beef industry.
“At Walmart, we are dedicated to providing high-quality, affordable beef to our customers, and an investment in Sustainable Beef LLC will give us even more access to these products,” said Tyler Lehr, senior vice president of merchandising for deli services, meat and seafood, Walmart U.S. “We know Sustainable Beef LLC has a responsible approach to beef processing, one that includes creating long-term growth for cattle ranchers and family farmers. This investment provides greater visibility into the beef supply chain and complements Walmart’s regeneration commitment to improve grazing management.”
The beef company will work with cattle feeders and ranchers to understand critical elements of the supply chain cycle, such as grain sourcing and grazing management. Animal care will follow the Five Freedoms, and there will be a consistent approach to antibiotic use and reporting across herds in line with Walmart’s Position on Antibiotics in Animals, which asks suppliers to adopt and implement American Veterinary Medical Association Judicious Use Principles of Antimicrobials. All of these components will help Sustainable Beef LLC to improve and refine the beef supply chain to provide quality beef for our customers.
“We set out on a journey two years ago to create a new beef processing plant to add some capacity to the industry and provide an opportunity for producers to integrate their business of raising quality cattle with the beef processing portion of the industry and do it in a sustainable manner,” said David Briggs, CEO of Sustainable Beef LLC. “During this journey we found that Sustainable Beef and Walmart aligned on continuing to improve how we care for our animals and crops and provide consumers the positive experience of enjoying quality beef.”
Walmart’s investment is the latest step in the retailer’s commitment to increasing access to high-quality beef at an affordable price for its customers, while boosting capacity for the beef industry and ensuring long-term economic viability for cattle ranchers.
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