Agribusiness Partners International finalises sale of Chicken Kingdom
Agribusiness Partners International, L.P. (API) has
announced the sale of Chicken Kingdom to the Cherkizovo Group, one of Russia's
leading integrated and diversified meat producers.
The purchase price of approximately $143 million was paid. In addition,
existing long-term debt was assumed.
President of API, Bob Peyton: â€œOver the years, API has built Chicken
Kingdom into a well known brand and a respected company. We are pleased with the
sale of the company to Cherkizovo as their commitment to quality is evident in
their past success.â€
Chicken Kingdom is located in Lipetsk and Bryansk, Russia. The Company is
one of the largest poultry processors in Russia producing and packaging more
than 1.2 million birds per week. The Company is one of the largest employers in
the three Regions of Russia in which it operates with over 2,800 employees.
Chicken Kingdom reported 2006 sales revenues of $109 million.
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