SPC Group announced on the 3rd that it has acquired a 70% stake in the parent company of Old World Provisions (OWP), a premium meat processing company based in New York, establishing a foothold for its entry into the North American market. Through this acquisition, SPC Group has established an integrated system encompassing local production, sales, and marketing.

OWP, founded in the 1950s and now in its fourth generation of operation, is a leading meat processing company on the East Coast of the United States. It has been operating a North American distribution network with a focus on New York-style products such as pastrami (smoked beef slices), corned beef (salt-cured beef), hot dogs, and sausages. The company owns brands with over 60 years of history, such as Carnegie Deli, and has secured 164 clients including Whole Foods and Costco. It has recorded an average annual sales growth of 15% over the past five years, with projected sales of approximately KRW 120 billion for 2025.

SPC Group plans to utilize OWP's New York and Boston plants to produce K-BBQ (Korean-style grilled dishes) products such as bulgogi, galbi, and spicy pork, as well as fusion meat products like kimchi sausage locally. This will ensure compliance with U.S. food safety standards (USDA regulations) and strengthen the export base to FTA (Free Trade Agreement) countries. The company also plans to expand its cooperation with global food service chains such as Subway and Domino's Pizza in North America and establish a reverse export supply chain to Southeast Asia.

Following the acquisition, the founding family of OWP will retain a 30% stake and continue the partnership. CEO Jo Sung-soo stated, "By combining OWP's local network with SPC Group's K-food technology, we aim to open a new barbecue market in North America." SPC Group, which originated from Seolseong Ranch in 1976, is a meat processing company expanding into the HMR (Home Meal Replacement) and sauce sectors through brands such as John Cook Deli Meats.

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