DALLAS, Feb. 26, 2019 (PRNewswire) — Dean Foods Company on Tuesday announced it has commenced a review to explore and evaluate potential strategic alternatives to enhance shareholder value. These alternatives could include, among others, continuing to execute on the company's business plan including an increased focus on certain standalone strategic initiatives, the disposition of certain assets, the formation of a joint venture, a strategic business combination, a transaction that results in private ownership or a sale of the company, or some combination of these. The company has retained Evercore Group LLC to serve as financial advisor to assist in this review. Gibson, Dunn & Crutcher LLP is acting as the company's legal advisor.
"As one of America's largest dairy providers, Dean Foods is committed to delivering significant value to all our stakeholders, including our customers, consumers, shareholders, communities and employees," said Ralph Scozzafava, Chief Executive Officer of Dean Foods. "We are taking vital, transformative actions to maximize the benefits of our scale and position the company for the long term, including implementing an enterprise-wide cost productivity plan and investing in core capabilities, technology, infrastructure, people and systems. As we seek to accelerate our business transformation and enhance shareholder value, the board has initiated a review of a range of potential strategic alternatives to best position the company for the future."
The company has not set a timetable for the conclusion of this review, nor has it made any decisions related to any potential strategic alternatives at this time. There can be no assurance that the strategic exploration review will result in a transaction or other strategic change or outcome. The company does not intend to provide updates unless or until it determines that further disclosure is appropriate or necessary.
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 of Eagle Family Foods Group LLC, under license.