Borden, a Dallas, Texas-based fresh fluid dairy processor, was spun-off in 2013 from a multinational conglomerate into a private company called Laguna Dairy, S.A. de C.V.
ACON is a Washington, DC-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the US and Latin America.
Facilities in US
Following the equity recapitalization, Laguna Dairy remains a substantial equity holder in Borden.
Borden operates 13 facilities in the US with more than 500m gallons of annual milk processing capacity.
Steve Gorman, general manager of Laguna Dairy, said the transaction confirms the value Laguna Dairy has created during its ownership of Borden.
"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," Gorman said.
New product development
Adam Kriger, an ACON consultant, has joined Borden's board effective as of the close of the equity recapitalization.
Kriger said Borden is well positioned to capitalize on a wide range of opportunities, and that he was looking forward to growing Borden with ‘new and adjacent products and drive significant value creation.’
Terms of the transaction were not disclosed.