Dean Foods Reaches Agreement in Principle With Industrial Realty Group, LLC for the Sale of Dean Foods’ Meadow Gold Hawaii Business

Dean Foods Company (“Dean Foods” or the “Company”) today announced that it has reached an agreement in principle under which Industrial Realty Group, LLC will buy Dean Foods’ Meadow Gold Hawaii operations as an ongoing business. Pursuant to the agreement, which is subject to final approval by the Bankruptcy Court, Industrial Realty Group will acquire the assets, rights, interests, and properties relating to Dean Foods’ Hilo and Honolulu facilities. Industrial Realty Group will be partnering with 8 Cow Dairies, a Hawaii-based company, 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,” said Eric Beringause, President and Chief Executive Officer of Dean Foods. “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.”

As previously announced on March 31, 2020, Dairy Farmers of America was named the winning bidder to acquire the assets, rights, interests, and properties relating to 44 of Dean Foods’ fluid and frozen facilities. In addition, Dean Foods designated Prairie Farms Dairy as the winner of the assets, rights, interests, and properties relating to eight additional facilities, two distribution branches and certain other assets. Mana Saves McArthur, LLC, and Producers Dairy Foods were designated as winning bidders for the sale of the facilities located in Miami, Florida and Reno, Nevada, respectively. Harmoni, Inc. was designated as the winning bidder for the Uncle Matt’s business. All agreements are subject to court approval and certain other closing conditions. Subject to Bankruptcy Court approval, the transactions are expected to close at the end of April 2020.

Additional information is available on the restructuring page of the Company’s website, DeanFoodsRestructuring.com. In addition, Court filings and other information related to the proceedings are available on a separate website administered by the Company’s claims agent, Epiq Bankruptcy Solutions LLC, at https://dm.epiq11.com/case/southernfoods/dockets, or by calling Epiq representatives toll-free at 1-833-935-1362 or 1-503-597-7660 for calls originating outside of the U.S.

Davis Polk & Wardwell LLP and Norton Rose Fulbright are serving as legal advisors to the Company, Evercore is serving as its investment banker and Alvarez & Marsal is serving as its financial advisor.

About Dean Foods

Dean Foods is a leading food and beverage company and the largest processor and direct-to-store distributor of fresh fluid milk and other dairy and dairy case products in the United States. Headquartered in Dallas, Texas, the Dean Foods portfolio includes DairyPure®, the country's first and largest fresh, national white milk brand, and TruMoo®, the leading national flavored milk brand, along with well-known regional dairy brands such as Alta Dena®, Berkeley Farms®, Country Fresh®, Dean's®, Friendly's®, Garelick Farms®, LAND O LAKES®* milk and cultured products, Lehigh Valley Dairy Farms®, Mayfield®, McArthur®, Meadow Gold®, Oak Farms®, PET®**, T.G. Lee®, Tuscan® and more. Dean Foods also has a joint venture with Organic Valley®, distributing fresh organic products to local retailers. In all, Dean Foods has more than 50 national, regional and local dairy brands as well as private labels. Dean Foods also makes and distributes ice cream, cultured products, juices, teas, and bottled water. Approximately 15,000 employees across the country work every day to make Dean Foods the most admired and trusted provider of wholesome, great-tasting dairy products at every occasion. For more information about Dean Foods and its brands, visit www.deanfoods.com.

*The LAND O LAKES brand is owned by Land O’Lakes, Inc. and is used by license.

**PET is a trademark used by license.