KKR & Co. teamed up with a firm led by the former head of Dean Foods Co. to win an auction for bankrupt Borden Dairy Co., putting KKR back in the milk business it gave up years ago. Our HOT Creamy Salsa will be sure to test you! Capitol Peak Partners and its affiliates are acquiring substantially all of Borden’s assets as part of the deal, court documents show. #ElsieApproved #HappyHalloween, Copyright © 2020 Borden Dairy Company. Sarsam said he and Engles were once on the same board together at Grocery Manufacturers Association, now Consumer Brands Association, and the new management team has a lot of knowledge on the dairy industry.

#glasshalffull #breastcancerawareness #ElsieApproved, Which costume do you think I should wear this Halloween? Its bankruptcy filing showed its assets and liabilities were each between $100 million and $500 million. Sarsam said he’s known for the past few weeks that the winning bidder would bring in its own management team. Borden Dairy Co. filed for bankruptcy protection, the second major U.S. dairy to do so in as many months.

Dallas Morning News In its infancy during the Civil War, Borden Dairy was awarded a government contract to supply the Union Army with canned milk, which positioned the … Before the sale, Sarsam emphasized that filing for bankruptcy was essential for the business because its debt load was inappropriate for the size of the 163-year-old company.

Dive Brief: Capitol Peak Partners and KKR & Co. won a bankruptcy auction for Borden Dairy, according to reports and court filings.

Borden told … Elsie says don’t forget to vote! The other buyer, private equity giant KKR & Co., bought Borden in 1995 for $2 billion and later sold off divisions and brands to various buyers, but remained a lender for Borden’s $175 million term loan, according to court records. #CreamySalsa #ElsieApproved, Happy Election Day! Borden Dairy CEO Tony Sarsam penned a letter to his daughter encouraging her generation to reflect on the accomplishments of graduates of the Great Depression as a roadmap for how to succeed during the pandemic. Like us on Facebook to see similar stories, Ohio governor imposes tough new mask mandate, Facebook’s election woes are headed to Georgia. Borden Dairy Awarded USDA Contract to Provide 700 Million Servings of Nutritious Dairy Products for Families in Need Borden Dairy Spicing up the Holidays with New Gingerbread Eggnog Borden Dairy Partners with Dallas Mavericks, Brings Milk to American Airlines Center

Dallas-based Borden Dairy, which filed for bankruptcy protection in January, has been scooped up by private equity giant KKR & Co. and an investment firm led by the former CEO of Borden… In its infancy during the Civil War, Borden Dairy was awarded a government contract to supply the Union Army with canned milk, which positioned the company for long-term success. “It would have crippled us.”.

Borden Dairy donated 1,000 gallons of milk to the Salvation Army of Jackson, MS as part of the USDA’s Famers to Families Food Box Program.

Engles replaces Borden CEO Tony Sarsam, who said he plans to leave in three weeks.

Our HOT Creamy Salsa will be sure to test you! Visit The Dallas Morning News at www.dallasnews.com. ✔️ #ElsieApproved #ElectionDay2020, Borden recognizes a month full of education, support, and hope. Dallas-based Borden Dairy will emerge from bankruptcy as a solvent company under the guidance of its chief rival’s former CEO. But that changed after extensive talks, Sarsam said. “The outcome was as good if not better than expectations,” he said. #CreamySalsa #ElsieApproved, Happy Election Day! The Salvation Army of Coastal Alabama gave away 4,320 gallons of milk donated by Borden Dairy to support families impacted by COVID-19. By Natalie Walters, The Dallas Morning News, Borden Dairy to exit bankruptcy with rival company’s former CEO as its new leader, © Vernon Bryant/Staff Photographer/The Dallas Morning News/TNS. Show full articles without "Continue Reading" button for {0} hours. Previously, KKR expressed its displeasure with the January bankruptcy filing, claiming it had reached an agreement with Borden to avoid that. Borden will again weather the challenges of a crisis thanks, in large part, to a $147 million USDA contract to supply nonprofits with fluid milk for COVID-19 relief. The sale allows Borden to stay intact, including its 12 plants, nearly 100 U.S. branches and 3,300 employees.

Borden’s former controlling and majority equity holders, ACON Investments and Grupo Lala, respectively, will no longer have ownership interest in the business. Visit https://t.co/D0hphj0mCa for a special offer on new Borden Creamy Salsa! #ElsieApproved #HappyHalloween, Copyright © 2020 Borden Dairy Company. “KKR ultimately joined with Capitol Peak Partners in the past month to come up with a plan and was very productive in the final sales process,” he said.

Sarsam, who joined Borden after successful runs at PepsiCo’s Frito-Lay division and Nestle, said he hasn’t had time to plan his next venture. All Rights Reserved. America’s Black Belt, home to some of America’s poorest communities, is facing complicated challenges during the coronavirus pandemic. Visit https://t.co/D0hphj0mCa for a special offer on new Borden Creamy Salsa! Elsie says don’t forget to vote! All Rights Reserved.

Thank you to all the brave Veterans and their families who have served our nation #VeteransDay #ElsieApproved, Can YOU handle the spice? “The debt was holding us back to put it mildly,” Sarsam said.

Thank you to all the brave Veterans and their families who have served our nation #VeteransDay #ElsieApproved, Can YOU handle the spice? Distributed by Tribune Content Agency, LLC. “I hope to find another great organization like Borden,” he said. Sarsam said the nearly six-month bankruptcy process has put it in a better cash position and way ahead of its profitability forecast. Privacy Policy | California Transparency Act, Borden Bottles Up the State Fair of Texas’ Wacky Food Lineup with Fun Flavored Milks, Borden Dairy Completes Sale to Capitol Peak Partners and KKR, Borden Dairy Awarded USDA Contract to Provide 700 Million Servings of Nutritious Dairy Products for Families in Need, Borden Dairy Spicing up the Holidays with New Gingerbread Eggnog, Borden Dairy Partners with Dallas Mavericks, Brings Milk to American Airlines Center. Dallas-based Borden Dairy will emerge from bankruptcy as a solvent company under the guidance of its chief rival’s former CEO. We always focused on what was best for the stakeholders, including our 3,300 employees.”.

Borden Dairy filed for Chapter 11 bankruptcy in January, citing the market challenges facing the dairy industry and the rising cost of raw milk. Engles will become Borden’s top executive.

Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. A federal bankruptcy court on Friday approved the milk processor’s $340 million sale to KKR & Co. and Capitol Peak Partners, founded in 2017 by Gregg Engles, former CEO of Dallas-based Dean Foods. Area food banks have relied on companies like Borden Dairy to provide critical assistance.

“I’ve been at peace with it,” he said.