Strauss Brands, a US-based ethical meat business, has been sold to an affiliate of local private-equity firm Insight Equity for an undisclosed sum.
It intends to use some of the investment money to build a new facility.
Franklin, Wisconsin-based Strauss, a family business dating back to 1937, is a producer of ethically-raised meats including American grass-fed and organic beef and “humanely raised” veal and lamb.
It supplies a mix of retail and foodservice customers throughout the US.
The Strauss family has retained a “significant ownership position” as part of the deal. Randy Strauss remains in his role as CEO and president.
He said: “Due to the growth of our grass-fed and organic beef offerings, in addition to our core veal and lamb business, we have simply outgrown our current production facility.
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“The investment by Insight Equity will provide the capital we need to develop a new state of the art processing facility in Franklin, which has been our home for over 50 years.”
Fraser Desmond, senior vice president at Texas-based Insight Equity, said: “Strauss has a unique combination of great tasting meats and authentic values aligned with consumer demand for healthy, sustainably-sourced protein”
“We are aiming to break ground on the new facility in the fourth quarter of this year.”