Parker Ranch, Inc., has become an equity owner in the existing business of Waimea Butcher Shop, the partners announced in late December.
The two entities signed the term sheet to consummate the strategic alliance on Dec. 23. Under the terms of the partnership, Parker Ranch will become an equity owner in the existing business of Waimea Butcher Shop and its strategic capital partner for future growth opportunities. Mills Stovall will continue to operate Waimea Butcher Shop’s day-to-day business as the manager and majority owner. The deal is expected to close in early 2023.
The alliance is closely aligned with Parker Ranch’s strategic priorities of investing in Waimea, supporting the local agriculture ecosystem, and sustainability. Mills Stovall shares these values with Parker Ranch. Mills’ vision is to run a sustainable, locally sourced business that only offers products from the Big Island. The plan for the new partnership is to continue to offer beef from different ranch brands based on the principle of “open” architecture to help ranches develop their brands and obtain access to retail customers.
One of the major consumer trends in recent years has been the keen interest in knowing the origins of our food, where food comes from, and producers’ production methods. There is also a strong “eat local” movement that supports buying local food instead of imported products. Waimea Butcher Shop caters to the discerning customer who wants to know that the product they are buying and feeding to their families has integrity, authenticity, and a genuine story.
“We want to provide market access to ranches who meet our specifications for quality and consistency. It is our goal to offer fresh beef 52 weeks a year, so we need steady supply from ranches who have demonstrated the capability to manage the resources responsibly and who continuously produce high quality product year-round. Parker Ranch is an ideal partner to ensure year-round supply and who supports the open architecture strategy of offering beef from many different producers, ensuring harmony by balancing the ranching community’s interests through open access,” Stovall said.
Waimea Butcher Shop is a whole animal specialty butcher shop and deli located in the Kamuela Business Center and founded in 2016 by Stovall who has over 20 years of culinary experience. Waimea Butcher Shop sources all its meat from local producers on the Big Island. To learn more, visit waimeabutchershop.com.