- The agreement would enable Dean Foods to furnish sales of majority of its Meadow Gold Hawaii business.
- This would support MGD Acquisition to constantly serve the Hawaiian community
- Reportedly, the company had initially terminated agreement previously approved by the bankruptcy court.
A recent news that brings some relief in the food and beverage and dairy industry during these crucial times of coronavirus lockdown, comes from one of the largest dairy and F&B companies in America, Dean Foods. According to official sources, the company has reportedly announced entering into an asset purchase pact with MGD Acquisition, LLC.
Apparently, this pact would enable Dean Foods to furnish its sales of Hilo facility and other related distribution branches on the Maui, Kauai, and Big Island. In line with, this agreement also offers license to MGD Acquisition to operate Meadow Gold Hawaii as an ongoing business and continually serve the people across Hawaiian states.
Commenting on the strategic partnership, the President and Chief Executive Officer of Dean Foods, Eric Beringause cited that the company is pleased to have entered into an agreement with MGD Acquisition which would allow its Meadow Gold Hawaii business to be into operation constantly while serving the customers across the state. He further added that the team is grateful for its employees’ patience, commitment, and dedication towards the customers throughout the agreement process. Further, the company is highly focused on completing the transaction as early as possible to run the business at the desired pace.
Although the agreement is subject to final approval by the bankruptcy court, it has been reported that the court had in early April given a federal nod to Dean Foods’ sales of all of its assets at a remuneration of USD 25.5 million. However, the company significantly terminated it on April 13th stating that it was proceeding with an anonymous buyer for its Hilo plant.