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.
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.
435 436 8221
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