A family-run pecan business operating for more than a century in Harlem has new owners.
Tracy-Luckey Co., which started as a Tracy family business in 1892, was recently purchased by San Saba Pecan LP, a Texas-based pecan orchard and shelling operation.
"We've been bought out and it is a wonderful, wonderful, wonderful thing," said Ruth Tracy, the CEO and granddaughter of a Tracy-Luckey founder, Francis Tracy.
In 2007, when Francis Tracy stepped down, his granddaughter joined forces with three others -- in-shell pecan broker Bud Luckey, Harlem native Larry Prather and CFO Ed Wicker -- as investors and owners.
Bud Adams, the CEO and founder of San Saba Pecan, said he entertained the idea of purchasing the company in 2007. Adams said his family has worked with the Tracy and Luckey families for three generations.
So when he decided to expand his pecan operation in the East, Adams said, he immediately thought of Tracy-Luckey.
The deal was finalized Dec. 31.
"We think it is a good marriage," he said. "We think that we have a good future and a lot of opportunity."
Daily operations at the Harlem pecan shelling and processing plant will not change. Ruth Tracy will remain CEO. But the added financing available through the new owner will help with any needed expansion and allow more employees to work year-round, Tracy said.
"We like the company the way it is," Adams said. "All we want to do is enhance the company and go forward with it."
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