Foster Farms Goes Corporate, Selling Out to Atlas Holdings
Posted on 06/07/2022
Greenwich, Connecticut-based Atlas Holdings LLC has acquired Foster Farms, a family-owned provider of frozen and prepared poultry products headquartered in Livingston, California from entities associated with the Foster Family. Founded in 1939 on a small farm, Foster Farms has products available across the United States. Foster Farms employs approximately 10,000 employees and operates major processing facilities in California, Washington, Louisiana, Oregon, and Alabama. Foster Farms, which generates revenues of approximately US$ 3 billion annually, will continue to operate under the Foster Farms name. Max and Verda Foster founder Foster Farms.
Founded in 2002, Atlas and its affiliates own and operate 25 companies. Andrew Bursky and Tim Fazio started Atlas Holdings in 2002 with the purchase of a small paper mill in rural Indiana that employed 85 people. Bursky co-founded Interlaken Capital, Inc. Before co-founding Atlas, Tim Fazio was a Principal at Pegasus Capital Advisors and Vice President at Interlaken Capital.
Furthermore, Donnie Smith, former Chief Executive Officer of Tyson Foods, has been named Foster Farms’ new Chief Executive Officer and Chairman of the Board. Smith spent 36 years with Tyson in roles spanning all business functions. He was named CEO in 2009, a role he held until his retirement in 2016.
Advisors
Houlihan Lokey served as financial advisor and Mayer Brown LLP was legal advisor for Foster Farms. Morgan Stanley & Co. LLC served as financial advisor and DLA Piper LLP was legal advisor for Atlas.