Houlihan Lokey is pleased to announce that Borden Dairy Company (Borden) has been recapitalized by ACON Investments, LLC (ACON). Financial terms of the transaction were not disclosed. The transaction closed on July 6, 2017.
Founded in 1857, Borden is one of the largest fresh fluid dairy processors in the U.S., operating 13 facilities across the country with more than 500 million gallons of annual milk-processing capacity. The company markets its dairy products under the iconic Borden brand and Elsie the Cow trademark. Borden distributes milk products to customers in the grocery, mass market, club, food service, hospitality, school, and convenience store channels.
ACON, based in Washington, D.C., is an international private equity investment firm that manages private equity funds and special-purpose partnerships that make investments in the United States and Latin America. Founded in 1996, ACON has responsibility for managing approximately $5.5 billion of capital. ACON has professionals in Washington, D.C.; Los Angeles; Mexico City; São Paulo; and Bogotá.
Houlihan Lokey served as the exclusive financial advisor to Borden and assisted in structuring and negotiating the transaction on its behalf. This deal represents another successful transaction for Houlihan Lokey in the dairy industry.