Joele Frank, Wilkinson Brimmer Katcher is handling Dallas-based Dean Foods as the nation's largest milk processor declares Chapter 11 and negotiates a sale of its assets to the Dairy Farmers of America cooperative.
The company lost $126M on $3.6B revenues during the first half.
Dean Foods wrapped up a strategic review in September and concluded the best strategy was to proceed under new CEO Eric Beringause. That decision is now null & void.
Despite efforts to become "more agile and cost-efficient," Dean Foods now believes that the "challenging operating environment marked by continuing declines in consumer milk consumption," makes Chapter 11 and the sale to DFA the best course of action.
Dean Foods, which is the No. 1 direct-to-store distributor of daily products, markets its products under the DairyPure, Tuscan, Lehigh Valley, Country Fresh, Berkeley Farms, Land O Lakes, Dean and Meadow Gold brands.
JFWBK's Michael Freitag, Aura Reinhard and Viveca Tress represent Dean Foods.