Beijing-based Hosen Capital’s New Hope Investment Fund has acquired Chicago’s beef processor Ruprecht.
Ruprecht is the oldest operating beef processor in the region and this acquisition will bring more investments and help to expand its operations, Chicago Business reported.
New Hope Investment Fund is a major shareholder of Kilcoy Pastoral Company, an Australian beef processor.
Kilcoy Pastoral Chairman Alex T. Zhang was quoted by Chicago Business as saying: "We plan to support Ruprecht with superior supply and additional investments, to solidify its competitive position and to grow its product offering and market positions."
Ruprecht serves both domestic and international customers with products including fully cooked meal solutions, side dishes, and other value-add raw items.
Commenting on the deal, Ruprecht spokesperson Eric Anderson said: "Kilcoy's value leans more toward the slaughterhouse side of the business and Ruprecht, they take raw products and turn them into finished goods.
"They bring in boxed beef, boxed pork, chicken, etc. and they do the cooking, the vacuum sealing and the portion control."
Ruprecht currently employs around 270 people and this acquisition may result in an increase in jobs.
