On Thursday, April 5, Suiza Foods Corp. announced it would purchase Dean Foods Co. for $1.5 billion in stock and cash, plus the assumption of $1 billion in debt. This merger will join together the two largest U.S. dairy processors, creating a new company with nearly $10 billion in annual sales and 30,000 employees in 39 states. The merged company will keep the familiar Dean Foods Co. name and its headquarters will be located in Dallas, Texas where Suiza is located.
Suiza Foods was advised by Bear Stearns and Morgan Stanley. Advising Dean Foods were Goldman Sachs and Kirkland & Ellis attorneys Tefft Smith, James Mutchnik, Marimichael Skubel, Martin Tully, Michael Becker, Pamela Auerbach, David Pruitt, Ryan Goode and Karen Robinson in antitrust; Carter Emerson, Kurt Von Moltke, Brian Boch, Robert Wilson and Curtis Keller in the corporate group; Keith Villmow in tax; Robert Zitko in employee benefits; and Lewis Putman in the environmental group.