UPDATED: Herbert Lotman, who gave America the frozen fast-food hamburger patty and the Chicken McNugget, and his business partner, Lindsay Goldberg LLC, have sold Keystone Foods, his West Conshohocken-based multinational meat processor, to fast-growing Brazilian slaughterhouse and packinghouse operator Marfrig Alimentos SA, in a deal the buyer valued at $1.26 billion (equity + debt). - Keystone boss Jerry Dean tells more in my June 16 Inquirer column here.
The acquisition gives Marfrig a supplier with plants in the U.S. and a dozen other countries, less than a month after the U.S. Department of Agriculture blocked imports from plants owned by Marfrig and other meatpackers in Brazil as it reviews foreign inspection procedures. Fast-growing Marfrig reported sales of $4.9 billion last year from beef, pork, lamb and other operations in more than a dozen countries. The company's value on Brazil’s main stock market is nearly $6 billion. Marfrig said it will sell $1.4 billion in securities to pay for the deal.
Keystone's office fills part of the Five Tower Bridge building in West Conshy. Philadelphia's Dechert law firm says attorneys Ian Hartman, Henry Nassau and Stephen Skonieczny represented Lotman in the deal. Lindsay Goldberg is a partnership of Bessemer Holdings LP veteran Robert D. Lindsay and ex-Morgan Stanley executive Alan Edward Goldberg.