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Opal Foods acquires Neosho plant; all employees to remain - KOAM TV 7

Opal Foods acquires Neosho plant; all employees to remain

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NEWS RELEASE ISSUED MAY 9,2014 FROM AGR PARTNERS

Opal Foods Acquires Moark's Midwest Egg Production Assets

May 9, 2014 (Neosho, MO) - Opal Foods, an entity created by AGR Partners with the assistance of Rose Acre Farms and Weaver Brothers, purchased Moark's Midwest egg production assets.

Opal Foods' operations will initially consist of more than five million laying hens at farms in Missouri and Colorado, as well as a new farm in Neosho that will eventually be home to 800,000 cage-free hens. Many of the farms purchased were recently renovated to comply with California's future production standards, and some will be among the most modern in the country.

Opal Foods' company headquarters will be in Neosho, Missouri, and the company will retain all 250+ employees previously employed by Moark in the Midwest. Opal Foods will be a franchisee of Eggland's Best and will continue serving the same customers.

Jerry Welch, general manager of Opal Foods said, "Opal Foods is proud to continue to supply customers with the highest quality eggs to help meet the category's strong and growing demand. Opal Foods' stewardship will provide its customers and end consumers with a sustainable source of protein and valuable nutrition for years to come."

Opal Foods is interested in growth opportunities in egg production operations and recognizes the shift to healthier diets as a catalyst to the growth for the egg industry, as individuals and restaurants embrace the trend to increase protein consumption and expand breakfast and lunch menus that include eggs.

AGR Partners pursues non-controlling investments and seeks to partner with best-in-class management teams and business owners. Rose Acre Farms and Weaver Brothers have been strategic partners in the creation of Opal Foods. The partners will assist Opal Foods and its management team in building an industry leader in the production and distribution of fresh eggs that meet the nation's needs for a healthy source of protein. Ejnar Knudsen, managing member of AGR Partners and a director of Opal Foods said, "The AGR team is grateful to be working with such a strong team in Opal, supported by great partners with all the resources and expertise from their respective organizations."

About AGR Partners: AGR Partners is a private equity firm based in Visalia, CA, with capital provided by institutional pension investors. The firm is dedicated to the pursuit of long-term investments in the food and agriculture value-chain and seeks non-controlling equity or convertible debt structures, to facilitate late-stage growth, strategic acquisitions, and ownership transitions. AGR Partners' most recent investment was the purchase of a 20% stake in the Ridley Corporation, Australia's largest animal feed and renderer for $56 million. For further information, see www.AGRpartners.com.

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