User uShare Login | Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.

31° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options



Share your Photos, Videos, and Stories on uShare! Click here to get started.


[0] My Saved Articles
Back to all news


Find local businesses
on the KELO Pages!


CA Investment Firm Buys Aberdeen Beef Plant

December 5, 2013, 5:48 PM by Ben Dunsmoor

CA Investment Firm Buys Aberdeen Beef Plant

A San Francisco investment company which loaned the Northern Beef Packers plant in Aberdeen millions of dollars submitted the winning bid for the plant Thursday afternoon.

White Oak Global Advisors bid more than $44 million for the plant which cost more than $100 million to build.
White Oak Global Advisors has loaned the beef plant more than $35 million dollars to keep it running, but court records show Northern Beef actually now owes White Oak Global about $64 million.

The group beat out American Food Groups from Green Bay, Wisconsin which submitted only the minimum $12.75 million bid.

While White Oak Global Advisors placed the winning bid the company's lawyer refused to say what the company plans to do with the plant.

After the court proceeding Thursday White Oak Global's General Counsel Matthew Caudill told KELOLAND News the company doesn't talk to the media.

However, the attorney who represents the plant's unsecured creditors and the employees who weren't getting paid did talk with KELOLAND News. He thinks the workers will eventually get their checks.

"I think at the end of the day they'll get paid in full," attorney Steve Jakubowski said.

But Jakubowski thinks it may take up to six months for those workers to get paid.

Julie Johnson, the executive director for the economic development organization Absolutely! Aberdeen, says Thursday's developments are good news.

"We know who the players are now, that's the important next step. They have a few things to work out with the court and a few other decisions to be made about who gets paid, so we'll await that process," Johnson said.

Despite the troubles of the facility in the past, Johnson says the Thursday auction is an important step toward making the Northern Beef Packers plant an asset for the community and region.

"We know we have the only state-of-the-art beef packing plant built in the northern Great Plains in 50 plus years, so it's an asset to Aberdeen. It's also terribly important to the cattle producers from five or six states around here, so we know it's a strategic asset," Johnson said.

Part of the $44 million winning bid includes $4.8 million in cash to pay off liens and back taxes.

Previous Story

Next Story



Find Local Businesses on KELO Pages!

View business

You may also like

Large Security Threat On Internet

4/10/2014 6:00 PM

It's already being called one of the biggest security threats the Internet has ever seen.

Full Story | Watch
Titan Machinery To Close Eight Stores Across U.S.

4/11/2014 6:22 AM

The company based in West Fargo, N.D., on Thursday cited a slow recovery in construction sector among the reasons for the move, which will leave 128 p...

Full Story
Heartbleed Bug Causes Major Security Headache

4/10/2014 9:33 AM

A confounding computer bug called "Heartbleed" is causing major security headaches across the Internet.

Full Story
Family Dollar To Cut Jobs, Close About 370 Stores

4/11/2014 5:44 AM

Family Dollar says it will be cutting jobs and closing about 370 underperforming stores as it looks for ways to improve its financial performance. It ...

Full Story
New Brewery Proposed In Northeast Sioux Falls

4/11/2014 8:58 AM

A new brewery is proposed for the Vance-Lantus building at 1400 E. Robur Drive, which is off of North Cliff Avenue, just north of Interstate 90 in Sio...

Full Story


KELOLAND TV: 501 S. Phillips Avenue, Sioux Falls, SD 57104
Phone: 605.336.1100 · Breaking News call: 1-800-888-5356
Web Site Design and Custom Programming By: Lawrence & Schiller© 2014 KELO-TV -- KELOLAND.COM -- ALL RIGHTS RESERVED