OpenGate Capital, a global private equity firm, has signed a definitive agreement to acquire the Waukesha, Wisconsin-based dairy-processing plant and related assets from Dean Foods Company. OpenGate will acquire the Golden Guernsey(R) and La Vaca Bonita(R) brands as part of the transaction. The business manufactures, bottles and distributes its dairy products to schools, grocery stores, convenience stores and major retailers in Illinois, Michigan and Wisconsin.
"OpenGate seeks opportunities to acquire well-recognized brands with solid operations and business fundamentals," said Andrew Nikou, OpenGate Capital Founder and Managing Partner.
"This operation, including the Golden Guernsey brand, meets our mark on all accounts. Not only is the brand a local icon renowned since 1930 for the highest quality and freshest milk products, but its facility is very efficient, and its managers are industry experts. By adhering to our disciplined investment criteria, we are able to identify and leverage opportunities with high-potential brands such as Golden Guernsey."
The deal is subject to regulatory approval and is expected to close in the third quarter.
Michael Kraus, who led the transaction for OpenGate, added, "We are eager to collaborate with the existing Waukesha management team to expand the business and develop new product offerings. OpenGate is proud to carry-on the facility's long-time tradition and steadfast reputation for providing the region with exceptional dairy products and service." PD
—MarketWatch press release
