AMCON Distributing Company has raised US$2m through the issuance of 80,000 shares of a new issue of stock to private equity firm Draupnir.

The Omaha, Nebraska-based wholesaler, which distributes chilled and frozen food, said the shares have a liquidation preference of $25, and are convertible into Amcon common stock at $13.62 per share and bear dividends at a rate of 6%.

Amcon’s chairman and CEO said William Wright: “We are delighted to have our good friends at Draupnir continue their long term sponsorship of Amcon. Our core businesses of wholesale consumer product distribution led by Kathy Evans and retail health food stores led by Eric Hinkefent are fundamentally strong and well-positioned for the future.”

Amcon said in a statement it has received several expressions of interest from third parties for its branded water businesses, and is working with legal and financial advisors to realise the maximum value possible for those assets.

In addition, Amcon director Christopher Atayan will assume additional responsibilities as vice chairman. He said: “Chris has been involved with our company since the late ’80s and has worked closely with us over the years as Investment Banker, significant investor and on our board of directors. His focus on our strategic objectives comes at an important time in Amcon’s corporate evolution.”