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Atlas Holdings Completes Acquisition of Foster Farms

Premier Food Producer Joins Atlas’ Family of Global Businesses

Donnie Smith, Industry Leader and Former CEO of Tyson Foods Named Chief Executive Officer

GREENWICH, Conn., June 7, 2022 /PRNewswire/ -- Atlas Holdings ("Atlas") announced today that it has acquired Foster Farms, a family-owned provider of fresh, frozen, and prepared poultry products headquartered in Livingston, California from entities associated with the Foster Family. Founded in 1939 on a small farm, Foster Farms boasts a proud and distinguished history as the leading brand of fresh chicken in the West. With products available nationwide, the company employs approximately 10,000 skilled team members and operates major processing facilities in California, Washington, Louisiana, Oregon, and Alabama. The company, which generates revenues of approximately $3 billion annually, will continue to operate under the Foster Farms name. Terms of the transaction were not disclosed.

Atlas also announced that longtime poultry industry leader Donnie Smith, former Chief Executive Officer of Tyson Foods, has been named Foster Farms' new Chief Executive Officer and Chairman of the Board. Smith spent 36 years with Tyson in roles spanning all business functions. He was named CEO in 2009, a role he held until his retirement in 2016. Under his leadership, Tyson saw record growth, entered new markets and expanded its product offerings, staying true to Tyson's heritage while charting its path forward as one of the world's largest food companies.

"I love the poultry industry and am proud that Atlas has asked me to become the CEO of Foster Farms," said Donnie Smith. "I've long been an admirer of the Foster Family and the business they've built over the past eight decades. In this new era, we will maintain and further that legacy, rooted in animal welfare, superior product quality, customer service and community engagement."

"We are thrilled to welcome Foster Farms to the Atlas Family of great global businesses," said Atlas Partners Sam Astor, Ed Fletcher, and Mike Sher. "We have a long history of partnering with proud family-owned companies to honor their past while driving additional operational, environmental, and financial success for the next generation. Working closely with Donnie Smith, the Leadership Team, and our dedicated team members, that is precisely what we intend to do at Foster Farms."

Atlas brings decades of experience in the food industry through other businesses they have owned and operated, making them the ideal partner for Foster Farms.

Houlihan Lokey served as financial advisor and Mayer Brown LLP was legal advisor for Foster Farms. Morgan Stanley & Co. LLC served as financial advisor and DLA Piper LLP was legal advisor for Atlas. 

About Foster Farms

Since 1939, West Coast families have depended on Foster Farms for premium quality chicken and turkey products. Family-owned and operated until its acquisition by Atlas, the company continues its legacy of excellence and commitment to quality established by its founders, Max and Verda Foster. Foster Farms specializes in fresh, all-natural chicken and turkey products free of preservatives, additives or injected sodium enhancers. Based in California’s Central Valley, with ranches also in the Pacific Northwest, the company’s fresh chicken and turkey are produced in or near each region served. Foster Farms also produces delicious pre-marinated, ready-to-cook and fully cooked products that meet the quality and convenience needs of today’s home cooks, retailers, warehouse clubs and foodservice customers. The company’s commitment to excellence, honesty, quality, service and people is a source of great pride, and, a longtime family tradition. For more information, visit www.fosterfarms.com.

About Atlas Holdings

Headquartered in Greenwich, Connecticut and founded in 2002, Atlas and its affiliates own and operate 25 companies, which employ approximately 50,000 associates across more than 300 facilities worldwide. Atlas operates in sectors such as aluminum processing, automotive, building materials, capital equipment, construction services, food manufacturing and distribution, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas’ companies together generate approximately $14.5 billion in revenues annually.