Borden Dairy Co. said it and certain affiliates finalized the approximately $340 million sale of substantially all Borden assets to Capitol Peak Partners and KKR. This transaction allows Dallas-based Borden to be appropriately capitalized with the business intact, including all plants, branches, routes and the Borden brand. The new Borden entity will continue employment for approximately 3,300 Borden employees and service for Borden customers.

Capitol Peak assumed majority ownership of the new company, and KKR became a lender and minority equity investor. They established a new board of directors and leadership team, tapping dairy industry veterans to lead the company, Borden said.

Gregg Engles is the chairman and CEO of the new Borden entity and also serves as Capitol Peak's founder and executive managing partner. He brings extensive dairy industry experience as the former chairman and CEO of both Dean Foods and The WhiteWave Foods Co., Borden said.

Pat Boyle is the president. He has worked in the dairy industry since the 1970s, most recently serving as owner and CEO of Hill Country Dairies.

Pat Ford is the chief financial officer. He previously served as chief financial officer of Dairy Group (Dean Foods) and Southern Foods and most recently was owner and president of Flexcel Company Inc., an east Texas manufacturer of oil and gas tools, Borden said.

"Over the past 163 years, Borden defined its well-recognized and reputable brand by partnering with America's dairy farmers and leading retailers to provide American families with delicious and nutritious products," said Engles. "I am very optimistic about Borden's future and excited about the opportunity to lead this iconic dairy company into a bright new chapter focused on serving customers and growing the business profitably."

Borden initiated voluntary reorganization proceedings on Jan. 5, 2020. Upon finalizing the sale, Borden's former controlling and majority equity holders, ACON Investments and Grupo Lala, respectively, no longer have ownership interest in the business. KKR's investment is held by business development companies co-managed by KKR Credit, Borden said.