Dean Foods closes sale of Miami facility to Mana Saves McArthur

US-based dairy company Dean Foods has completed the $16.5m divesture of its facility in Miami, Florida, to Mana Saves McArthur.

With the divestment of the Miami facility, Dean Foods has completed the sale of all its assets previously announced.

On 1 May, Dean Foods completed the sale of most of its assets, as well as rights, interests and properties, relating to 44 of its fluid and frozen facilities to subsidiaries of Dairy Farmers of America (DFA).

It also completed the divesture of the assets, rights, interests and properties associated with eight facilities, as well as two distribution branches and certain other assets to Prairie Farms Dairy.

This month the company also divested its Hilo facility and associated distribution branches on the Big Island, Kauai and Maui.

The deal was announced in April last year, after Dean Foods signed an agreement with MGD Acquisition to divest its Hilo facility, as well as associated distribution branches on the Big Island, Kauai and Maui, Hawaii.

The deal also included the licence of the Meadow Gold Hawaii brand name and related intellectual property.

For all these transactions, Davis Polk & Wardwell and Norton Rose Fulbright served as the legal advisers to Dean Foods while Evercore acted as its investment banker and Alvarez & Marsal as its financial adviser.

In the upcoming weeks, Dean Foods is planning to file a Chapter 11 plan that will govern the distribution of sale proceeds, and the rights and treatment of all claims against Dean Foods.

The firm expects that the plan will provide for the complete payment of all administrative expense claims in several months as proceeds would come into its estate.