The Maschhoffs LLC, a family-owned pork production company, and GNP Co., a provider of premium quality chicken under the Gold’n Plump, Just BARE, and Sunny Roost brand labels, have announced they have signed a definitive agreement whereby The Maschhoffs will acquire GNP Co. and its subsidiaries. GNP and The Maschhoffs’ pork production business will operate as separate business units following the closing of the transaction. The transaction will have no immediate impact on GNP’s chicken business or The Maschhoffs’ pork production business.
GNP’s headquarters will remain in St. Cloud, Minn., and its nearly 1,700 team members and 350 family farm partners will be retained. Based in Carlyle, Ill., The Maschhoffs is owned by fifth generation family members Dave Maschhoff and his wife Karen, and Ken Maschhoff and his wife Julie. The Maschhoffs partners with more than 450 family farmers across the Midwest to produce enough pork to feed more than 16 million consumers annually.
The transaction provides the capital and long-term resources that GNP Co. needs to grow to meet increasing sales demand for its products and brands. GNP sales are expected to be about $400 million in 2013.
“By joining forces, we can leverage our core strengths, capitalize on growth opportunities, and create new value in the marketplace—thus making the combined company stronger than each would be separately,” said Jason Logsdon, The Maschhoffs CEO, adding that the transaction makes new resources available to both companies. “This gives each business unit the opportunity to take advantage of growth opportunities that will help make us all more successful. Over time, the companies will share best practices, leverage select strategic shared resources, and benefit from the balance sheet strength of an organization that is diversified across multiple proteins.”