- Raging Bull Acquisition Company LLC, a subsidiary of Oaktree Capital Management LP, has agreed to buy Quantum Foods, LLC for $54 million.
- Quantum Foods, which produces products such as portion-controlled, ready-to-cook, and value-added fully cooked foods made from beef, poultry, and pork, filed for Chapter 11 bankruptcy protection in February.
- The closing date of the sale is set for April 23; until then Quantum Foods will continue to solicit additional competing bids.
It's unlikely that Quantum Foods will get a better bid than the Raging Bull offer. Its asset purchase agreement provided for a substantial increase in the value paid for Quantum Foods by at least $6.5 million over previous stalking horse terms. The deal also includes the assumption of up to $30.3 million in liabilities. Nevertheless, an auction is scheduled for April 17, with court approval set for April 21 and closing set for April 23.