Bankruptcy court approves Borden sale
The courts have approved the sale of Borden to a private equity firm and one of its investors. Borden released a statement Friday saying Capitol Peak Partners and their affiliates will acquire substantially all Borden assets, and Capitol Peak Partners will be the majority owner of the new company with existing lender KKR holding minority ownership.
Borden CEO Tony Sarsam says despite being in the midst of Chapter 11 and a global pandemic, they managed to generate positive cash flow, grow their customer footprint and maintain an uninterrupted food supply. Sarsam says Borden will exit Chapter 11 as a thriving company that is meeting and exceeding performance forecasts, making their outlook very promising. Borden also benefited from the largest contract awarded by the USDA for the Farmers to Families Food Box Program.
The 340-million-dollar sale ends Borden’s voluntary reorganization, which began in January to reduce debt.