Oregon Potato Company Acquires Norpac Foods
The Oregon Potato Company has announced it will purchase Norpac Foods, a grower-owned vegetable and fruit cooperative founded in 1924. Under the terms of the deal, the former will acquire substantially all of the latter’s assets.
“Norpac is pleased to have found a partner who shares our vision and will ensure the best possible future for our growers, employees, customers, and partners. Our business operations will continue as normal through the bankruptcy process. Our 2,700 employees will continue to receive their wages and benefits, our vendors and suppliers will be paid in the ordinary course of business going forward, and our customers can continue to rely on us for our produce and products thanks to our family of farmers,” noted Shawn Campbell, CEO of Norpac.
Norpac anticipates the transaction will close within 60-90 days. During that time current management will continue to lead operations supported by debtor-in-possession (DIP) financing provided by CoBank. The transaction is subject to customary closing conditions, federal regulatory and Bankruptcy Court approvals.
“We intend to work as quickly as possible through the forthcoming process. We are excited about bringing the growers, employees, partners and various assets of NORPAC together with our family of companies. The combined business will enhance the offering and service to customers across all business channels,” said Frank Tiegs, president of Oregon Potato Company.
