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Borden Dairy Company Acquired By Private Equity Investment Firm ACON Investments

ACON Investments, LLC, and its affiliates on Monday announced that they have completed an equity recapitalization of Borden Dairy Company, one of the leading fresh fluid dairy processors in the US.

In 2013, ACON Investments noted, Borden had been spun off from a multinational company into a private company called Laguna Dairy. Following the equity recapitalization, Laguna Dairy remains a substantial equity holder in Borden.

Headquartered in Dallas, TX, Borden operates 13 facilities across the US, with more than 500 million gallons of annual milk processing capacity, according to ACON Investments.

“This transaction confirms the value we have built during our ownership of Borden,” commented Steve Gorman, general manager of Laguna Dairy. “We have been searching for the right investor and believe in ACON we have found a capital partner that will maximize the potential of Borden.”

“Dairy is a dynamic segment and Borden is well positioned to capitalize on a wide range of exciting opportunities,” said Adam Kriger, who has served as an ACON consultant and has joined Borden’s board effective as of the close of the equity recapitalization.

“I look forward to working with ACON and management to formulate strategies, grow the company with new and adjacent products and drive significant value creation,” Kriger added.

“Borden is an iconic brand with more than 150 years of heritage. We are excited to be partnering with Laguna Dairy and Borden’s management to accelerate the company’s growth and maintain its position as a market leader,” said Aron Schwartz, managing partner of ACON.

“We think this is a powerful example of how ACON’s presence in the United States and Latin America can be leveraged to create deal flow and bespoke solutions for families and strategic owners across the Americas,” Schwartz added.

Borden was founded in 1857, one year after Gail Borden received a patent for his process of condensing milk. Today, Borden operates 13 facilities in the Midwest, Southern and Southeastern regions of the US, and provides milk products to customers in the grocery, mass market, club, foodservice, hospitality, school and convenience store channels.
ACON Investments is a Washington, DC-based international private equity investment firm.

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