Garelick Farms owner finalizes $433M sale
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Garelick Farms' headquarters and production facility in Franklin
The owner of longtime Franklin dairy company Garelick Farms has agreed to sell most of its business operations to a national milk cooperative.
Garelick Farms owner Dean Foods Co. announced Tuesday the Dairy Farms of America was the winning bidder in a Chapter 11 bankruptcy auction. The $433-million deal, which Dean Foods initially agreed to in February, includes nearly all of the Dallas-based company's facilities. Another entity, Prairie Farms Dairy, has been chosen to buy other facilities and distribution branches for $75 million.
Garelick Farms and Wilbraham restaurant and ice cream company Friendly's are part of the Dairy Farmers of America deal.
The deals remain subject to final approval from the U.S. Bankruptcy Court in Houston. A hearing is scheduled for Friday, with the transactions expected to close at the end of April, Dean Foods said.
Dean Foods, which filed for bankruptcy in November, includes the prominent labels DairyPure and Land O Lakes.
Garelick Farms, which has offices and a major production facility on Route 140 in Franklin, was founded in 1931 by brothers Israel and Max Garelick. Dean Foods bought the company in 1997 for $294 million.
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What a shame! Milk is so important for your body.
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