Dean Foods Company , a food and beverage company, processes and distributes milk, and other dairy and dairy case products in the United States. The company manufactures, markets, and distributes various branded and private label dairy, and diary case products, such as fluid milk, ice creams, cultured dairy products, creamers, ice cream mixes, and other dairy products; and juices, teas, bottled water, and other products. It sells its products under approximately 50 national, regional, and local proprietary or licensed brands, and private labels, including DairyPure, TruMoo, Alta Dena, Berkeley Farms, Country Fresh, Dean’s, Friendly’s, Garelick Farms, LAND O LAKES, Lehigh Valley Dairy Farms, Mayfield, McArthur, Meadow Gold, Oak Farms, PET, T.G. Lee, Tuscan, and others. The company sells its products to retailers, distributors, foodservice outlets, educational institutions, and governmental entities through its sales forces. Dean Foods Company was founded in 1925 and is headquartered in Dallas, Texas.

  • Dean Foods Bondholders Just Say No to Merger With Dairy Co-op
    on November 13, 2019 at 11:18 pm

    (Bloomberg) -- Dean Foods Co., the biggest U.S. milk processor which filed for Chapter 11 bankruptcy protection Tuesday, has said it’s in advanced talks to sell assets to milk cooperative giant Dairy Farmers of America. Bondholders, however, aren’t convinced that’s a good deal.At a first-day bankruptcy hearing, an attorney for a third of the company’s bondholders said that while Dean is “focusing exclusively” on a combination with the co-op, that option won’t be “value-maximizing.” The deal may not even be feasible due to antitrust concerns, the attorney said at the hearing in front of Judge David Jones in U.S. bankruptcy court for the Southern District of Texas in Houston.“We don’t want a quick sale, a fire sale, without a true market check or opportunity for other potential bidders to put in a real proposal,” said Bob Britton, an attorney at Paul, Weiss, Rifkind, Wharton & Garrison LLP, which represents the group.The bondholder group approached Dean to offer alternatives, including capital to invest in a standalone restructuring plan and alternative financing. But the proposal “made no headway,” Britton said.When asked by the judge if the group had enough capital to buy Dean Foods, Britton’s answer was yes.Brian Resnick, an outside lawyer for Dean Foods, said the company’s looking forward to working with bondholders.‘Not Bothered’“I’m just going to sit back and watch,” Judge Jones said, responding to the company’s expressed willingness to engage with the bondholder group given their complaints about the sale. “I’m not bothered at all.”Dean ranks as the biggest U.S. dairy processor, employing about 15,000 people and delivering about 2.2 billion gallons a year of milk and other dairy products, according to its bankruptcy declaration. The company’s long list of institutional customers includes McDonald’s Corp., Starbucks Corp. and Target Corp.Dean has suffered as competition from almond, rice and soy milk eroded demand for conventional dairy. Retailers have also been using milk as a loss leader to bring customers in, putting pressure on the dairy giant’s margins. Losses deepened after the company’s biggest customer, Walmart Inc., built its own milk plant.Facing financial distress, Dean looked into selling all or parts of the company among other options to strengthen its balance sheet, according to the court filing. But the company faced an obstacle in its underfunded multi-employer pension plan, for which it might wind up owing more than $700 million. That stymied any hope of out-of-court transactions, and meanwhile results were deteriorating faster than Dean had forecast, the company said.With cash running short, Dean’s managers became concerned about “potentially ruinous customer flight’’ if the company couldn’t keep milk flowing to 30,000 school lunch rooms, thousands of coffee shops, fast-food restaurants and grocery stores. That sealed the decision to file for Chapter 11 protection, Dean said.The case is Southern Foods Group LLC, 19-36313, U.S. Bankruptcy Court for the Southern District of Texas (Houston).\--With assistance from Rick Green.To contact the reporters on this story: Lydia Mulvany in Chicago at;Katherine Doherty in New York at kdoherty23@bloomberg.netTo contact the editors responsible for this story: James Attwood at, Millie Munshi, Simon CaseyFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • Dean Foods taps Norton Rose Fulbright and Davis Polk for bankruptcy counsel
    on November 13, 2019 at 1:27 pm

    Dean Foods Co. General Counsel Kristy Waterman and Chief Financial Officer Gary Rahlfs officially filed documents Tuesday seeking to voluntarily restructure the Dallas-based food and beverage company under Chapter 11 of the U.

  • PRESS DIGEST - Wall Street Journal - Nov 13
    on November 13, 2019 at 6:18 am
  • Dairy Farmers of America Wants to Buy Dean Foods But Others May Too
    on November 13, 2019 at 5:00 am

    (Bloomberg) -- Dairy Farmers of America Inc, the biggest U.S. dairy cooperative, is in advanced talks to acquire U.S. milk processor Dean Foods Co. But other would-be buyers could emerge.While discussions are taking place between DFA and Dean, no agreement has been reached for the purchase of all or some of the Dallas-based company’s assets, Monica Massey, executive vice president and chief of staff at DFA, said in an emailed response to questions. She didn’t speculate on prospective bidders.A deal could be a lengthy process, including an antitrust review. Any transaction would require an “extensive review of Dean Foods’ assets, thorough due diligence and other conditions, including approval from the Department of Justice and the Bankruptcy Court,” Massey said. Dean intends to file bidding procedures with the court to conduct a sale.“We have been monitoring Dean Foods’ financial performance closely since the business began showing signs of distress and have been preparing for various scenarios, including a bankruptcy filing, in order to minimize the impact to DFA,” Massey said. “Our farmer leaders and management have built our cooperative to withstand a situation like this. Our members and employees will get paid, schools will get milk, and dairy products will remain on the shelves across the country.”Dean Foods is the biggest customer of the Kansas City-based cooperative, which has around 14,500 family farmer members around the country. DFA is focused on “ensuring we have secure markets for our members’ milk,” she said.While Americans may be drinking less conventional milk, 94% of U.S. households also keep it in their refrigerators, Massey said. The dairy category as a whole remains strong, with cheese and butter at all-time consumption highs. Americans ate 2.5% more dairy in August than they did the year before, and the retail market is worth over $100 billion, she said.To contact the reporters on this story: Lydia Mulvany in Chicago at;Katherine Doherty in New York at kdoherty23@bloomberg.netTo contact the editors responsible for this story: James Attwood at, Patrick McKiernanFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • America's largest milk producer files for bankruptcy
    on November 13, 2019 at 1:17 am

    As consumers have become more conscious about the environment, health and animal welfare, the dairy industry has suffered

  • Biggest U.S. milk producer goes bankrupt
    on November 13, 2019 at 12:03 am

    Dean Foods, America's biggest milk producer, filed for Chapter 11 bankruptcy protection Tuesday. Following the surge in popularity of milk alternatives in recent years, the company's sales have plummeted.

  • Kinsale Capital Group Set to Join S&P SmallCap 600
    on November 12, 2019 at 11:19 pm

    NEW YORK , Nov. 12, 2019 /PRNewswire/ -- Kinsale Capital Group, Inc. (NASD: KNSL) will replace Dean Foods Company (NYSE: DF) in the S&P SmallCap 600 effective prior to the open of trading on Monday, November ...

  • Dean Foods Files for Bankruptcy: What to Know
    on November 12, 2019 at 10:27 pm

    Dairy giant Dean Foods (DF) announced that it filed for Chapter 11 bankruptcy protection and a deal to sell almost all of its assets.

  • Dean Foods Company -- Moody's downgrades Dean Foods PDR to D-PD on Chapter 11 filing
    on November 12, 2019 at 10:02 pm

    Moody's Investors Service ("Moody's") downgraded Dean Foods Company's ("Dean") Probability of Default Rating (PDR) to D-PD from Caa2-PD following the company's Chapter 11 filing on 12 November, 2019. Dean's Corporate Family Rating (CFR) was downgraded to Ca from Caa2 and the senior unsecured notes were downgraded to Ca from Caa3.

  • Nasdaq ekes out record as investors look past Trump speech
    on November 12, 2019 at 9:21 pm

    U.S. stocks mostly ended higher on Tuesday as President Donald Trump suggests a trade deal could happen soon but did not offer much clarity on the possibility of a tariff rollback as part of the agreement.

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The entire Dean Foods family is saddened to hear of the passing of Friendly’s Co-founder, Curtis Blake. We send our sincerest and heartfelt condolences to his entire family, all his friends and the people whose spirits he has lifted for nearly a century.

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Dean Foods Company

2711 North Haskell Avenue
Suite 3400
Dallas, TX 75204

+1 (214) 303-3400

November 2019
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©2019 ALIGNMT LLC | Alignment Strategy | Mergers & Acquisitions | Investor Relations


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