Dean Foods completed the previously announced sale of its facility in Miami to Mana Saves McArthur for $16.5 million. As a result, Dean Foods has completed all of its previously announced sales.
Dean Foods completed the previously announced sale of the company’s Uncle Matt’s business to Harmoni. The company also completed the sale of multiple facilities and the Meadow Gold Hawaii brand name to MGD Acquisition.
As part of its Chapter 11 bankruptcy process, Dean Foods entered into an asset purchase agreement with MGD Acquisition for the sale of certain facilities in Hawaii, including its Hilo facility and related distribution branches on the Big Island, Kauai and Maui.
Alvarez & Marsal served as financial advisor to Dean Foods on its sale of assets to Dairy Farms of America, Prairie Farms Dairy, Mana Saves McArthur, Producers Dairy Foods, Harmoni and Industrial Realty Group.
Dairy Farmers of America reached an agreement with Dean Foods for the farmer-owned cooperative to become the stalking horse bidder to acquire a substantial portion of Dean’s assets and business.
Dean Foods and substantially all of its subsidiaries have initiated voluntary Chapter 11 reorganization proceedings in the Southern District of Texas.
Dean Foods has successfully increased the company’s borrowing base availability to $265 million under its senior secured revolving credit facility. Rabobank served as administrative agent for the transaction.
Dean Foods amended its credit agreement with Bank of America as agent, extending the maturity date of the facility to January 4, 2022. Dean also amended the terms of its receivables securitization facility with Rabobank, New York branch, as agent.