Sale of World's Largest Cattle Feeder JBS Five Rivers Finalized
The sale of the world's largest cattle feeder has been finalized for approximately $200 million. Pinnacle Asset Management, L.P. and JBS USA announced the acquisition of Five Rivers Cattle Feeding was completed on March 16. Five Rivers will continue to supply cattle to JBS USA beef processing plants as part of a long-term agreement in conjunction with the sale agreement.
The sale of Five Rivers was originally made public on Jan. 17, but was pending approval from JBS, Pinnacle Asset Management and a U.S. regulatory review. With all of those parameters met the deal has been finalized.
Five Rivers Cattle Feeding is the largest cattle feeder in the world with an estimated total feeding capacity of 980,000 head of cattle. The feeding operation traces its roots back to the 1920s with the Monfort family and now has yards in Arizona, Colorado, Idaho, Kansas, Oklahoma and Texas. There are 11 feedlots total.
Pinnacle Asset Management was founded in 2003 and is a New York-based asset management firm focused on global commodity markets. Pinnacle Asset Management is retaining the current management team from Five Rivers which includes CEO Mike Thoren, helping make the transition more seamless.
That's your Land and Livestock Report-I'm Russell Nemetz.