Texas billionaire Sid Bass is investing up to $125 million in Blue Bell Creameries LP,
the
Wall Street Journal
reported.
When Bass's investment was originally announced, the terms were not disclosed.
Citing a letter from Blue Bell's family CEO, Paul Kruse, to shareholders, the
Journal
said, “Blue Bell closed on a loan facility with Mr. Bass earlier this month and expects the Bass family to exercise warrants to acquire 33% ownership of the company before the loan matures in 2018.”
Blue Bell had been unable to raise enough capital from its family shareholders to stay in business after a listeria outbreak forced the company to recall all its products.
Blue Bell's revenues have been estimated at $600 million to $900 million, the article said. (Source:
Wall Street Journal
, July 16, 2015.)
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