HOUSTON – STX Beef Co., a subsidiary of JDH Capital LLC, a real estate development company, announced the acquisition of Sam Kane Beef Processing on Feb. 28. JDH Capital submitted the winning bid of $28 million for Sam Kane Beef in a court-approved bankruptcy auction in February.
According to a company release, all current assets of Kane Beef are under the control of STX Beef and it plans to make “meaningful” investments in the facility and resume operations at the Corpus Christi, Texas-based plant soon. The plant formerly employed approximately 750 workers
“Our top priority is reopening the plant and returning Kane’s employees back to work,” said Ryan Connelly, president of STX Beef. “Now that the sale has closed, we have begun the process of securing the necessary permits needed and completing our ongoing review of the operation in order to successfully reopen the plant. STX Beef looks forward to resuming operations as soon as possible and we will provide updates to employees, cattle producers and customers as our efforts continue. There’s still a lot of work ahead, but it’s an exciting day for STX Beef.”
“Kane Beef has been serving ranchers, feeders and customers in South Texas and beyond for almost 70 years, and we look forward to restoring its legacy of providing high-quality beef sourced from trusted Texas beef producers,” Connelly said. “Our investment underscores our view that this is a tremendous opportunity – for the employees and their families, the community at large and for the many Texas ranchers that have relied upon this facility for generations.”
In January 2019, Sam Kane Beef filed for Chapter 11 bankruptcy protection in the Southern District of Texas.