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’s biggest rival, Dallas-based Dean Foods.
The deal won’t be approved until a sale hearing on Thursday in Wilmington, Delaware.
The two buyers created the entity New Dairy Opco LLC to buy nearly all of Borden’s assets, with Capitol Peak Partners leading the bid, according to court documents and people familiar with the matter. Gregg Engles, former head of Dean Foods, founded Capitol Peak in 2017.
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