Borden Dairy has announced that Capitol Peak Partners and KKR will acquire all assets and ownership of the company soon following a court-supervised sale process. After the acquisition, the company’s all branches, routes, brand and plants will remain intact as usual. Furthermore, the acquisitions also help the company to continue the employment of approximately 3,300 Borden employees.
Borden Dairy started a voluntary legal proceedings on Jan 5, 2002 to maximize value and reduce its current debt load for the company’s long-term success. After the proceeding, the court has now granted the figure of $340 million for sale to the company.
Chief Executive Officer of Borden, Tony Sarsam said, “Borden received strong investor interest and multiple bids throughout this sale process, which is a testament to the terrific work the people of Borden have done to build a valuable and enduring 163-year-old brand.”
“Despite being in the midst of Chapter 11 and a global pandemic, our team managed to generate positive cash flow, grow our customer footprint and maintain an uninterrupted food supply to nourish American families. We are exiting Chapter 11 as a thriving company that is meeting and exceeding its performance forecasts, making our outlook very promising,” Tony Sarsam further added.
Managing Director and Founder of Capitol Hill, Gregg Engles said, “Borden has a rich history of partnering with America’s dairy farmers and leading retailers to provide wholesome nutrition for American consumers and families.”
“The Capitol Peak team is excited by this unique opportunity to work alongside KKR and build this iconic dairy company,” Gregg Engless further added in the statement.
Managing Director of KKR, Lauren Krueger said, “Borden has a long and proud history as a dairy industry leader. We are pleased to join Capitol Peak in supporting Borden and its many dedicated employees through a restructuring that cleans the slate for Borden to start a new chapter.”
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