Chicago, IL June 2002 -- Peer Foods, Inc., known for its highly specialized services and customized meats, announces another benchmark in its history with the completion of a management led buyout of its principal stockholders. As one of Chicago's top 200 privately held companies (CRAIN'S CHICAGO BUSINESS, April 2002), this transaction transforms Peer from a family-owned enterprise to an employee owned corporation.

 "This presents a tremendous opportunity for all of the employees of Peer Foods," said Peer's President, Larry O'Connell. "Our people are our most important asset, and now we are all partners in the future growth of our company," he continued.

 O'Connell has been with the company for more than 12 years and has been an integral part of successfully navigating the company's expansion in foodservice and industrial segments, and its current ranking of #69 in the top 140 Meat Marketing Technology Industry Elite (2002 MEAT MARKETING & TECHNOLOGY).

 Peer's CFO Gary Radville added to O'Connell's sentiments. "The management-led buyout provides a clear ownership succession at Peer. This transition positions us to provide many more years of supplying the most innovative products and best customer service in our industry."

 The Buehler family established Peer Foods in 1867. The company promoted a tradition of excellence in product quality, service and innovation as the three cornerstones of its business. Peer was one of the first in the country to use an icehouse for summer meat storage. In 1922, Peer opened a packinghouse in Chicago to better meet the needs of its Midwest clientele.

Since that time Peer has continued to establish industry benchmarks for quality, making both structural and technical renovations in its Chicago plant to accommodate a new food technology lab and culinary center. Peer has recently been featured in a film developed by Silliker Laboratories in recognition of its superior HAACP standards. Today, the tradition of providing customers with superior quality prepared meats and unmatched service at a fair value is reflected in Peer's reputation among restaurateurs locally and nationally.

 During 1996 Peer acquired its plant in Columbus, IN and the Mariah label. The Mariah label is known for the same high quality standards as Peer, and has been enhanced with significant plant renovations, including state-of-the art equipment and additional capacity.

Peer has sustained a leadership position in the meat industry by combining its exclusive tried-and-true hand curing and smokehouse techniques with stellar state-of-the-art production. The commitment of Peer's employee-owners further insures the company's ability and dedication to provide customers with innovative products that provide ease-of-preparation and service, superior quality and "the taste they'll remember."

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