Private equity giant KKR and Capitol Peak have won the auction to buy Borden Dairy out of bankruptcy, according to court documents and people familiar with the matter.
The deal still needs to be approved by the bankruptcy court in Delaware, where a hearing is scheduled for Thursday. Terms of the deal were not disclosed.
Capitol Peak was founded in 2017 by Gregg Engles, the former head of Dean Foods, a rival of Borden Dairy. KKR bought Borden in 1995 for $2 billion and later sold off divisions and company brands while remaining a lender on its $175 million term loan.
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