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 Thursday that it reached an agreement in principal for Industrial Realty Group LLC to purchase Meadow Gold as an ongoing business.

According to a bankruptcy filing by Dallas-based Dean Foods, which filed for Chapter 11 in November, Industrial Realty is paying $30 million for Meadow Gold.

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.”

Bankruptcy filings show that two other firms made bids for Meadow Gold assets.

Industrial Realty representatives did not respond to requests for comment Thursday.

The company 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.

Principals of 8 Cow could not be reached.

State records show that Michael Pickens registered the company a year ago and that Debra Pickens is the company’s manager. Michael and Debra Pickens also formed Cloverleaf Dairy-Hawi LLC at about the same time they formed 8 Cow. Cloverleaf Dairy on Hawaii island last year was the last major dairy in the state, and its longtime owner Ed Boteilho had been trying to sell the company.

Boteilho did not return a request for information about the dairy Thursday.

The Meadow Gold sale is subject to approval by a U.S. Bankruptcy Court judge. Dean Foods, which is the nation’s biggest milk processor, expects the sale of Meadow Gold and numerous other subsidiaries with tentative sale agreements to close by the end of April.