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CORRECTING and REPLACING Goldsmith Agio Helms Completes the Sale of Farmland National Beef

CORRECTING and REPLACING Goldsmith Agio Helms Completes the Sale of Farmland National Beef

Business Editors

CORRECTION…by Goldsmith Agio Helms


Please replace BW5727 issued Aug. 6, 2003, (MN-GOLDSMITH-AGIO-HELMS) completes the sale of Farmland National Beef with the following revised release.

The corrected release reads:


Goldsmith Agio Helms announced today the completed sale of Farmland Industries, Inc.’s (“Farmland Industries”) interest in Farmland National Beef Packing Company, L.P. (“National Beef”) to a group of investors led by U.S. Premium Beef Ltd (“USPB”).

Goldsmith Agio Helms was retained by Farmland Industries to represent it in the sale of both National Beef and Farmland Foods, Inc. Farmland Industries previously held a 71 percent stake in National Beef while USPB held the remaining 29 percent. USPB paid $232 million for Farmland Industries’ interest.

In addition, U.S. District Court Judge Jerry Venters of the U.S. Bankruptcy Court for the Western District of Missouri in Kansas City has approved the bid and auction procedures for the sale of Farmland Foods, Inc. The “stalking horse” is Smithfield Foods, Inc. with a bid of $363.5 million. The auction and sale are expected to be completed later this fall.

Kevin G. Jach, managing director and partner of Goldsmith Agio Helms, commented, “National Beef is a well-run, growing beef packer with continued opportunity ahead of it. Its existing relationship with USPB should help the transition of ownership from Farmland Industries to USPB go smoothly.” David G. Iverson, vice president of Goldsmith Agio Helms, added “With the completion of this sale, National Beef will continue its tradition of producer ownership and further its commitment to vertically integrating the beef packing industry to the benefit of all constituents.”

Farmland Industries, Inc., headquartered in Kansas City, Missouri, is a diversified agricultural cooperative with interests in food, fertilizer, petroleum, grain, and animal feed businesses.

Farmland National Beef Packing Company, L.P., headquartered in Kansas City, Missouri, processes and markets fresh beef, boxed beef and beef byproducts for domestic and international markets. It holds a 10 percent market share in the United States.

U.S. Premium Beef Ltd, headquartered in Kansas City, Missouri, is a producer-owned, beef marketing company with more than 1,850 producer members in 37 states representing all segments of the U.S. beef industry.

Farmland Foods, Inc., headquartered in Kansas City, Missouri, is one of the largest producers and marketers of pork products in the U.S.

Smithfield Foods, Inc (NYSE:SFD), headquartered in Smithfield, Virginia, is a leading processor and marketer of fresh pork and processed meats in the U.S., as well as the largest producer of hogs.

Goldsmith Agio Helms ( is one of the nation’s leading private investment banking firms providing expert financial advisory services to middle-market businesses. Goldsmith Agio Helms provides a full array of services, including mergers and acquisitions advisory, distressed advisory and restructurings, valuations and fairness opinions, and private placements of debt and equity. The firm’s 55 professionals advise public and private businesses engaged in a wide variety of industries through its offices in Minneapolis, New York, Chicago, Los Angeles, and Naples, Florida.

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