Golden Guernsey Plant Could Soon Be Up For Sale
Wisconsin Ag Connection - 03/04/2013
The creditor of the bankrupt Golden Guernsey Dairy plant in Waukesha says the facility may soon be put up for sale and possibly reopened within a few months. The Milwaukee Journal Sentinel reported that Accord Financial Inc. believes a proposed asset purchase agreement is imminent for the plant, which was
closed down just after January 1, and said in a court filing that the bankruptcy trustee is already negotiating a sale of the property.
The newspaper reported on Friday that a source close to Golden Guernsey said there were several bidders and that a sale could be completed in May.
The plant had been run by OpenGate Capital, a private-equity firm based out of Los Angeles. They closed the company without notice on January 5 and laid off over 100 workers.
OpenGate purchased the operation in September 2011 when Dean Foods was ordered to sell it after losing an anti-trust settlement. The Waukesha facility is one of two plants Dean Foods purchased from Foremost Farms USA in 2009. But after that sale, the Attorneys General of Illinois and Michigan challenged
the acquisition, claiming the transaction lessens the competition in the fluid and school milk markets in violation of the federal law.
The Golden Guernsey location bottled and distributed dairy products to schools, grocery stores, convenience stores and major retailers in Illinois, Michigan and Wisconsin. The company was founded in the Milwaukee area in 1930.