Cargill and Continental Grain Complete Acquisition of Sanderson Farms
MINNEAPOLIS and NEW YORK, July 22, 2022 /PRNewswire/ — Cargill and Continental Grain Company today announced the completion of the previously announced acquisition of Sanderson Farms, Inc. (NASDAQ: SAFM) by a joint venture between Cargill and Continental Grain. The acquisition was announced on August 9, 2021. Sanderson Farms shareholders are receiving $203.00 per each share of common stock they owned as of immediately prior to the completion of the transaction. As a result of the completion of the transaction, Sanderson Farms’ shares will no longer trade on the NASDAQ beginning July 22, 2022. As a part of the closing of the transaction, Cargill and Continental Grain have combined Sanderson Farms with Wayne Farms, a subsidiary of Continental Grain, forming a new privately held poultry business. The new business, named Wayne-Sanderson Farms, will be headquartered in Oakwood, GA. As previously announced, Clint Rivers, currently CEO of Wayne Farms, has been appointed CEO of the combined company. Mr. Rivers said, “I am honored to lead the new Wayne-Sanderson Farms, which brings together a talented team with complementary operations and cultures and a strong commitment to employees, farmers and the communities where we operate. The new company is ideally positioned to continue to serve customers and consumers with high-quality and affordable products.” Wayne-Sanderson Farms is a best-in-class U.S. poultry company with a high-quality asset base, a strong operating culture, and an industry-leading management team and workforce. Operating chicken processing plants and prepared foods plants across Alabama, Arkansas, Georgia, Louisiana, Mississippi, North Carolina, and Texas, Wayne-Sanderson Farms has state-of-the-art operations and will continue to invest in its stakeholders, workforce and in employee safety. Joe F. Sanderson, Jr. said, “It has been an incredible privilege to lead the Sanderson Farms team over the last thirty-three years and to continue my family’s legacy by helping to nourish families across the country. I am proud of all we have achieved together, and I am confident that the fairness, honesty and integrity that has been synonymous with the Sanderson Farms name will carry on with Wayne-Sanderson Farms.” BofA Securities acted as the financial advisor to Cargill and Freshfields Bruckhaus Deringer (US) LLP acted as legal counsel. Gibson Dunn & Crutcher acted as tax counsel. Centerview Partners LLC acted as financial advisor to Sanderson Farms and Wachtell, Lipton, Rosen & Katz, Fishman Haygood LLP and Brunini, Grantham, Grower & Hewes, PLLC acted as legal counsel. Lazard acted as the financial advisor for Wayne Farms and Continental Grain, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel. Also acting for Cargill and Continental Grain were Arnold & Porter Kaye Scholer LLP as special antitrust counsel and Jones Walker LLP as Mississippi counsel. About Cargill Cargill’s 155,000 employees across 70 countries work relentlessly to achieve our purpose of nourishing the world in a safe, responsible, and sustainable way. Every day, we connect farmers with markets, customers with ingredients, and people and animals with the food they need to thrive. We combine 156 years of experience with new technologies and insights to serve as a trusted partner for food, agriculture, financial and industrial customers in more than 125 countries. Side-by-side, we are building a stronger, sustainable future for agriculture. About Continental Grain Company Continental Grain is a privately owned global investor, owner, and operator of companies with more than 200 years of history across the food and agribusiness spectrum. It creates long–term value by applying deep industry knowledge, capital and talent to businesses ranging from established market leaders to promising innovators, working alongside trusted partners, and supporting strong management teams. It brings a long–term ownership mindset, concentrating on investment and operating plans that create enduring value and a sustainable, efficient, and nutritional food supply chain. Continental Grain brings people, ideas, and resources together to build the businesses that will feed the world. SOURCE Cargill, Inc.
Continental Grain Company Invests in Agroberries to Accelerate the Company’s Global Expansion Plans
Continental Grain Company (“Conti”) announced today an investment in Agroberries(the “Company”), a leading global vertically integrated berries player. Agroberries commercializesover 50,000 tons of berries per year to a blue-chip customer base primarily in North America and Europe, sourced from its landbank of more than 2,000 hectares and a diverse network of third-party growers. The Company’s agricultural footprint spans across five different countries, including some of the world’s most productive regions. Wellness and demographic trends continue to drive strong momentum for fresh produce consumption. Given their high nutritional value, demand for fresh berries has continued to climb, making them one of the fastest growing fresh produce categories at retail stores globally. As a result, customers are seeking year-round suppliers ofhigh-quality berries. Conti’s investment will enable Agroberries to expand its production assets and global distribution capabilities, both organically and inorganically, as well as accelerate the roll-out of proprietary varietals further strengthening the Company’s year-round offering across berry categories. As a long-term partner, Conti will use its international network, M&A resources, and operational expertise to support Agroberries’ strategic development initiatives. Jorge Varela, Co-Founder and CEO of Agroberries, highlighted: “I’m excited about the possibilities arising from our partnership with Conti, and confident it will accelerate our global expansion plans, give our customers increased access to our novel proprietary varieties, and offer exciting professional development opportunities for our management team.” Carlos Poblete and Ignacio Sanz serve as Co-Heads of Latin America for Conti. Carlos commented: “We have known the leadership team of Agroberries for years and believe the Company is well positioned to capitalize on a wide range of growth opportunities going forward.” Ignacio added: “We are excited to partner with Agroberries and support the next phase of the Company’s global expansion. Agroberries has established itself as a high-quality supplier in the markets it currently serves, and we intend to further grow the business through acquisitions that expand the Company’s geographic reach.” About Agroberries Founded in 1996, Agroberries is a leading vertically integrated producer, marketer, and global distributor of fresh berries, catering year-round to a blue-chip customer base of leading retailers throughout the world. With headquarters in Chile, and marketing companies in the United States and the Netherlands, the company offers a competitive and top-quality supply of both conventional and organic berries. Agroberries is a globally recognized leader and pioneer in berry production, harvest, and packing techniques. The company owns farms and state-of-the-art packing facilities in both hemispheres and has a strong networkof strategic alliances with trusted partners globally. The company’s owners, directly involved as part of the management team are deeply committed to reliability and product quality, and have developed awell-established, controlled, and diversified berry business platform. Visit www.agroberries.cl to learn more. About Continental Grain Company Continental Grain Company (“Conti”) is a privately‐owned global investor, owner and operator of companies with more than 200 years of history across the food and agribusiness spectrum. We create long‐term value by applying deep industry knowledge, capital and talent to businesses ranging from established market leaders to promising innovators. We build platforms that leverage our strategic expertise in food production, processing, and distribution to source proprietary deals, working alongside trusted partners and supporting strong management teams. We bring along‐term ownership mindset, concentrating on investment and operating plans that create enduring value and a sustainable, efficient and nutritional food supply chain. Conti brings people, ideas and resources together to build the businesses that will feed the world. Visit www.continentalgrain.com to learn more.
