Quantum Foods

SITUATION:

Schneider Industries in partnership with Tiger Group was hired to sell Quantum Food’s state-of-the-art meat & poultry processing & packaging equipment by order of the US Bankruptcy Court. The assets were scheduled to be offered and sold during a three day onsite and online auction event.

SOLUTION:

Prior to the auction date, Schneider and Tiger sold the equipment and inventory formerly owned by bankrupt Quantum Foods located in three Bolingbrook facilities as a turnkey operation to West Liberty Foods, L.L.C. In separate transactions unrelated to the bankruptcy but also directed by Schneider and Tiger, West Liberty agreed to purchase the three Bolingbrook buildings that housed Quantum’s operations. The company purchased the 220,000-square-foot production facility and 80,000-square-foot culinary facility, and leased the 250,000-square-foot cold-storage distribution center. As a result of the transactions, Schneider and Tiger cancelled a live webcast auction for the former Quantum assets that had been scheduled for June 24, 25 and 26. “We were very pleased to see the deal completed as a single turnkey operation,” said Michael Pizette, chief credit officer of secured lender Crystal Financial LLC.