Garelick Farms owner agrees to $425M sale
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Garelick Farms' headquarters and production facility in Franklin
The corporate owner of Franklin's Garelick Farms has agreed to sell most of its assets to a major national milk cooperative, three months after its bankruptcy filing.
Dean Foods, the Dallas-based owner of Garelick and other dairy companies, said Monday it has entered into an asset purchase agreement with the Dairy Farmers of America, through which the Kansas City-based cooperative will take over most of Dean's assets.
The deal is subject to Bankruptcy Court approval, for which a hearing is scheduled for March 12.
The Wall Street Journal reported Jan. 27 federal antitrust regulators were reviewing the potential deal and what effect it could have on milk prices and industry competition. The Journal reported Monday the Dairy Farmers of America deal is worth $425 million.
Dean Foods, which filed for bankruptcy in November, bought Garelick Farms in 1997 for $294 million. Garelick was founded in 1931 by brothers Israel and Max Garelick.
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