Dairy Farmers of America to acquire a portion of Dean Foods for $425 million
Dairy Farmers of America (DFA) has reached an agreement with Dean Foods to become the stalking horse bidder to acquire a substantial portion of Dean’s assets and business.
Dairy Farmers of America (DFA) has reached an agreement with Dean Foods to become the stalking horse bidder to acquire a substantial portion of Dean’s assets and business. The two parties have been working to reach an agreement since DFA became aware of Dean’s plan to initiate voluntary Chapter 11 reorganization proceedings.
As part of the proposed deal, DFA has agreed to pay a base purchase price of $425 million to acquire 44 of Dean’s facilities and associated direct store delivery system, as well as certain corporate and other assets and functions.
While the parties have reached an agreement on the terms of the asset purchase, the transaction remains subject to various approvals, including approval from the Bankruptcy Court overseeing Dean’s Chapter 11 reorganization and the U.S. Department of Justice.
“As Dean is the largest dairy processor in the country and a significant customer of DFA, it is important to ensure continued secure markets for our members’ milk and minimal disruption to the U.S. dairy industry,” said Rick Smith, president and CEO of DFA. “As a family farmer-owned and governed cooperative, no one has a greater interest in preserving and expanding milk markets than DFA. We are pleased that we have come to an agreement on a deal that we believe is fair for both parties.”
More News
Sonoma Brands acquires Chef’s Cut Real Jerky Co.
Sonoma Brands, a private equity investor and incubator focused on emerging consumer brands, has completed the acquisition of Chef’s Cut Real Jerky Co. for an undisclosed amount.
Ingredion completes acquisition of PureCircle
Ingredion Inc., a global provider of ingredient solutions to diversified industries, has announced the completion of its acquisition of PureCircle Limited, a producer and innovator of plant-based stevia sweeteners and flavors for the food and beverage industry.
Bunge Loders Croklaan to open Creative Studio in Turkey
As part of its focus on Turkey, the Middle East, and North Africa, Bunge Loders Croklaan (BLC), a leader in edible oils and fats, is expanding its worldwide innovation network with its first Creative Studio in the region.
Silver Spring Foods expands capacity to meet horseradish demand
Silver Spring Foods, a subsidiary of Huntsinger Farms, a grower and processor of horseradish, has made several business moves in the last three months to position the company for the future.
Nestlé Health Science to acquire a majority stake in Vital Proteins
Nestlé Health Science has agreed to acquire a majority stake in Vital Proteins, a U.S. collagen brand and a lifestyle and wellness platform offering supplements, beverages, and food products.
Upcoming Events Listing
IFT Volunteer Section Meeting Flavor Creation by Mosaic Flavors
Nashville, Tennessee
South Eastern Section IFT Suppliers Night Expo
Atlanta, Georgia
Florida Section IFT Suppliers Night Expo
Orlando, Florida