A Los Angeles-based real estate investment firm plans to buy Hawaii’s largest milk processor, Meadow Gold Hawaii, from its parent company undergoing bankruptcy restructuring.
Meadow Gold parent Dean Foods Co., announced today that it reached an agreement in principal for Industrial Realty Group LLC to purchase Meadow Gold as an ongoing business.
A purchase price was not disclosed by Dallas-based Dean Foods, which filed for Chapter 11 bankruptcy in November.
The deal includes Meadow Gold facilities in Honolulu and Hilo. Dean Foods also said that Industrial Realty will be partnering with 8 Cow Dairies, a Hawaii company formed last year, to manage operations.
“We are pleased to have reached an agreement in principle for our Meadow Gold Hawaii facilities and that Industrial Realty Group intends to continue these facilities on an ongoing basis,” Eric Beringause, Dean Foods president and CEO, said in a statement. “We are committed to completing this transaction, and our previously announced sales, as quickly as possible, and we thank all of our employees for their continued patience, hard work and dedication.”
Industrial Realty is known for retrofitting obsolete facilities and finding new uses for them, but also assists corporations in becoming more efficient in the use of their facilities.
The Meadow Gold sale is subject to approval by a U.S. Bankruptcy Court judge. Dean Foods expects the sale of Meadow Gold and numerous other subsidiaries with tentative sale agreements to close by the end of April.