ACON Investments, LLC, Washington, D.C., and its affiliates completed an equity recapitalization of Borden Dairy Co. In 2013, Borden spun off from a multinational conglomerate into a private company called Laguna Dairy, S.A. de C.V. Following the equity recapitalization, Laguna Dairy remains a substantial equity holder in Borden. Headquartered in Dallas, Texas, Borden operates 13 facilities across the United States with more than 500 million gallons of annual milk processing capacity.
“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,” says 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.”
“This transaction confirms the value we have built during our ownership of Borden,” says 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,” says Adam Kriger, who has served as an ACON consultant and 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.”