Poultry Products Northeast of Hooksett was acquired this week in a management-led buyout from its longtime owner, Julian Stogniew. According to a statement, the new owners put a financing package in place exceeding $30 million to recapitalize the company and finance the construction of a modern distribution and processing facility in Londonderry.
The new ownership group’s financial investment will allow for the construction of a 105,000-square-foot building, which will have 40,000 square feet of warehouse space, the bulk of which will be refrigerated or frozen, an 18,000-square-foot refrigerated dock, 8,000 square feet of processing space and a 3,000-square-foot test kitchen and presentation room. According to the statement, his new building will allow PPNE to be more efficient, augment its product lines, and achieve higher fill rates and service levels for its customers.
Several of the investors have been involved with PPNE for many years and have an intimate understanding of the company and its employees. With this sizable investment, the primary goals of this group go hand-in-hand with PPNE: to continue building a long-term future for this financially independent food distribution business focused on center-of-plate products.