Lykes Bros, Inc. (Tampa, FL) has entered into an agreement for an investment partnership with Engles Urso Follmer Capital Corp. that will result in the transfer of management and operating responsibilities for the company's juice operations. In return, Lykes will receive, cash, notes and equity that will be used for expansion of its other business interests.
"In anticipation of further consolidation, we are positioning our company for new investment opportunities while continuing to invest and expand our agricultural business," said Lykes Chairman John Brabson. " This allows us to refocus on the family's business heritageland management, cattle, agriculture, and insurancewhileremaining closely aligned with the citrus industry."
Lykes subsidiaries to be transferred to Engles Urso Follmer under the investment agreement include Lykes Pasco, Inc., juice processing facility; Lykes Pasco Packaging Co., fresh citrus packinghouse; Lykes Consumer Brands, Inc., marketer of Sunkist, Floridagold, OldSouth and private label juices; Multi-Line Cans, inc., juice can producer; Lykes Transport, Inc., the company's nationwide refrigerated trucking company; and Vitality Foodservice, Inc., which provides non-carbonated beverages to food customers worldwide.
Brabson added that 1400 employees will be transferred to the new company no later than the end of June. Lykes' corporate headquarter will remain in Tampa, and Engles Urso Follmer will operate the division under a name other than Lykes, he said.
Based in Dallas, TX-Engles Urso Follmer Capital Corp. has a broad-based investment portfolio that includes Florida Global Citrus, Evercom and Electrolux.