Rembrandt to acquire assets of Golden Oval Eggs
REMBRANDT, IOWA — Rembrandt Enterprises, Inc., an egg producer and processor with egg production and egg processing operations in Iowa and Missouri, has entered an agreement to acquire the business assets of Golden Oval Eggs, L.L.C., Renville, Minn., for approximately $123.75 million. Golden Oval Eggs operates egg production facilities in Minnesota and Iowa as well as further processing and distribution facilities in Alabama, Missouri and California.
"We felt that Golden Oval Eggs was complimentary to Rembrandt Enterprises in terms of the business, the people and the culture," said Dave Rettig, chief executive officer of Rembrandt Enterprises. "With the combination, Rembrandt will be able to offer customers an efficient vertically-integrated solution to their egg product needs throughout the country, along with opportunities to professionally manage their procurement risk."
The transaction has been approved by the governing boards of both companies and is expected to close in early 2009.