For 90 years, the Standard Meat Company has created one of Fort Worth’s most iconic and enduring businesses. But one thing hasn’t changed: the emphasis on family.
And, once again, the focus is all about helping a community of families.
“Fort Worth has always been home for our company, and this expansion is a natural extension of our commitment to the city and its people,” said Ben Rosenthal, CEO and Co-President. “We’re proud to grow in a way that creates high-quality jobs and strengthens the neighborhoods that have supported our family’s business for nearly a century. This is about investing in the place that built us, and helping shape its future in a meaningful, sustainable way.”
The expansion creates new jobs in a part of Fort Worth that’s seen an exodus of opportunities over the years. It also ensures more growth near the company’s headquarters, on a bluff overlooking the famous Fort Worth Stockyards.
“This is the biggest investment Standard Meat Company has ever made, really in its history,” explained Robby Myers, Standard Meat’s Chief Financial Officer.
The expansion required a lot of capital. Kyle Sederstrom, a Commercial Relationship Manager for Regions in Fort Worth, quarterbacked the bank’s involvement in the deal while extending a relationship that dates back to Fort Worth market leader Brian Happel’s decades-long involvement with the company.
Through a regularly scheduled review with the deal and management teams, it was shared that the company was seeking to expand and construct a new production facility in Fort Worth. Upon learning about the location and job creation, Sederstrom recommended New Markets Tax Credits, a federal initiative that encourages private investment in distressed, low-income communities as a unique solution for capital.
This is the biggest investment Standard Meat Company has ever made, really in its history.
Robby Myers, Standard Meat Company Chief Financial Officer
To get the ball rolling, Sederstrom brought in Courtney Nolan of Regions NMTC team.
“By introducing Courtney and her team, we were able to really flesh out the opportunity that it was in the right area to bring hundreds of jobs to the community,” Sederstrom said.
Nolan saw the fit was perfect and managed the process.
“New Markets Tax Credits is a great financing tool for industrial manufacturers who are creating quality jobs in the community.” she said. “New Markets Tax Credits fill a critical gap in the capital stack to make the project achievable for the company.”
Initially, Myers was wary, but he listened as Sederstrom and Nolan explained.
“Once Kyle and Courtney got our wheels turning, it seemed very attractive,” Myers said. “We still had to understand the mechanics, and we were a little bit skeptical because it seemed so attractive.
“Here we are, a year later, with the deal closed and funded. It’s really worked out well for Standard Meat.
“The result is a larger, more versatile facility in Fort Worth that will bring hundreds of jobs to an area poised for renewed investment.”
It’s especially important to me – and to us as a company – to be able to provide employment in Fort Worth.
Ben Rosenthal, Standard Meat Company CEO and Co-President
Rosenthal hopes this expansion serves as a catalyst for other companies.
“It’s especially important to me – and to us as a company – to be able to provide employment in Fort Worth” Rosenthal said. “And it’s going to set the example for other companies to come back to Fort Worth proper.”