Tokyo-based Marubeni Corp. has announced it will acquire Ark City-based Creekstone Farms Premium Beef.
Marubeni did not release specifics of the acquisition but various media reports indicated the deal to be worth $170 million, including liabilities. Creekstone, one of the largest employers in Cowley County, had been owned by an affiliate of Sun Capital Partners Inc.
The Ark City plant can process about 1,400 cattle per day.
“With the acquisition of Creekstone Farms, in addition to its existing subsidiary Rangers Valley, which engages in cattle feeding and beef distribution in Australia, Marubeni will secure its production base in the two largest beef-producing countries and establishes its organization to meet the globally-growing need for high quality beef,” Marubeni officials said in a statement released on the company website.
Creekstone has made a name for itself by providing selected Black Angus beef to high-end steakhouses and supermarkets in the U.S. Its cattle are mostly grain fed, according to the statement released Friday.
Creekstone also exports its products to Asia and Europe.
In recent years, Creekstone rebuilt a portion of its Ark City facility, following a fire and also expanded.
