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Quantum Foods Gets OK for $54 Million Buyout

Sale set to be finalized next month.

Credit: File photo
Credit: File photo
Raging Bull Acquisition Company LLC has agreed to buy Quantum Foods for $54 million, a month after the Bolingbrook company filed for Chapter 11 bankruptcy.

The purchase agreement was approved by a bankruptcy court, according to MeatPoultry.com. Under the deal, Raging Bull, a subsidiary of Oaktree Capital Management LP, assumes $30.3 million in liabilities. The deal is set to close April 23.

Before the sale is final, Quantum Foods will continue to solicit competing bids "to ensure it achieves the highest and best offer for its business," according to a statement, MeatPoultry.com reported. An auction is scheduled for April 17, with court approval set for April 21 and closing set for April 23. 

Quantum Foods provides proteins for food service, military and retail outlets.

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