Don't Have A Cow! Private Equity Firm Scoops Up Dairy Icon Borden

Borden Inc., the iconic dairy company known not just its for myriad milk products, but Elmer’s Glue and Krazy Glue, has been acquired by ACON Investments, a private equity firm.

Borden was founded in 1857 in Connecticut by Gail Borden Jr. and pioneered the use of glass milk bottles in 1885. Its trademark mascot “Elsie the Cow” was a familiar table companion to generations of Americans.

The company, which once produced a wide range of food and other products, fell on hard times in the early 1990s and changed hands several times, shedding product lines such as Cracker Jack and its glue business until only its core dairy business remained.

In 2013, Borden was spun-off from a multinational conglomerate into a private company called Laguna Dairy, the company said in a news release. Terms of the deal weren't released, but ACON said Laguna Dairy remains a substantial equity holder in Borden.

Iconic Brand

Headquartered in Dallas, Texas, Borden operates 13 facilities across the United States with more than 500 million gallons of annual milk processing capacity, ACON said.

"Borden is an iconic brand with more than 150 years of heritage. We are excited to be partnering with Laguna Dairy and Borden's management to accelerate the Company's growth and maintain its position as a market leader," said Aron Schwartz, ACON managing partner.

"We think this is a powerful example of how ACON's presence in the United States and Latin America can be leveraged to create deal flow and bespoke solutions for families and strategic owners across the Americas."

Steve Gorman, Laguna Dairy general manager, said, "We have been searching for the right investor and believe in ACON we have found a capital partner that will maximize the potential of Borden."

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Image credit: Daniel Oines, Flickr