Monday, July 17, 2017

Nilssons buy back their feedlot

The Nilsson brothers are buying back Lakeside Feeders beef feedlot from JBS USA for $50 million.

JBS is selling assets to dig itself out of a huge bribery scandal in Brazil. It bribed officials in charge of a government-run bank to borrow billions to buy meat-packing companies across North America, including XL Foods Inc. of Brooks, Alta., in 2013.

Lakeside was part of that deal.

The Nilsson brothers sold then under duress for $100 million because E. coli 0157:H7 was found in some beef it has supplied to Costco in Edmonton.

That led to the largest recall of beef in Canadian history.

Lakeside can handle up to 75,000 head.

The Nilssons run auction markets, livestock insurance and finance, feedlots and other livestock operations in the four western provinces.