Borden Dairy

Borden Dairy is an American dairy processor and distributor headquartered in Dallas, Texas. The current company was established in 2009 as the United States operating successor to an earlier Borden dairy business, rather than being the same corporate entity as the original Borden Company founded by Gail Borden in 1857. Its products have included fluid milk, cream, buttermilk, sour cream, dips, juices, teas, and flavored drinks, with distribution concentrated in the Southern, Midwestern, and Southeastern United States. The Borden dairy business has passed through several ownership structures. The dairy subsidiary of the original Borden Company was sold in 1997 to Southern Foods, a business controlled by Mid-America Dairymen, now known as Dairy Farmers of America. Southern Foods later became part of Suiza Foods, which subsequently became Dean Foods. In 2009, Grupo Lala acquired National Dairy from Dairy Farmers of America and conducted its United States dairy operations under the Borden Dairy Company name. Grupo Lala spun the business into a private company, Laguna Dairy, S.A. de C.V., in 2013. ACON Investments became the majority owner of the Borden dairy business in 2017, while Laguna Dairy retained a significant equity interest. Borden competes in a difficult dairy market characterized by changing consumer demand for conventional milk, competition from plant-based alternatives, the expansion of discount retailers, private-label products, and fluctuations in the cost of raw milk. These pressures contributed to the company’s Chapter 11 filing in January 2020. The company stated that it intended to reorganize and continue operating rather than liquidate. In June 2020, New Dairy Opco LLC won an auction for most of Borden’s assets. The buyer was associated with former Dean Foods chief executive Gregg Engles and Kohlberg Kravis Roberts. At the time of the bankruptcy filing, Borden reportedly employed approximately 3,300 people. The brand retains strong historical recognition through Elsie the Cow, its long-running advertising mascot. Elsie was introduced in 1936 and became one of the best-known symbols associated with American dairy advertising. The current business has also used the Borden name and Elsie trademark under licensing arrangements connected to the successor interests of Borden, Inc. As of 2021, the company operated 14 plants and nearly 100 distribution centers across the Midwest, South, and Southeast. Its products were distributed in states including Alabama, Colorado, Florida, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Ohio, Oklahoma, South Carolina, Tennessee, and Texas.

Borden Dairy’s corporate history is related to, but distinct from, the history of the original Borden Company. Gail Borden established the original company in 1857, and the Borden name later became associated with a broad range of food and consumer businesses. The dairy operations eventually developed into a separate business whose ownership changed several times. In September 1997, the dairy subsidiary was sold to Southern Foods. Southern Foods was controlled by Mid-America Dairymen, the cooperative now known as Dairy Farmers of America. Southern Foods was later acquired by Suiza Foods, which subsequently became Dean Foods. This succession placed the Borden dairy operations within the large American dairy-processing and distribution system associated with Dean Foods. In 2009, Grupo Lala of Mexico acquired National Dairy from Dairy Farmers of America and began operating its United States dairy activities as Borden Dairy Company. This marks the beginning of the current Borden Dairy corporate subject described in the relevant reference material. The business was separated from Grupo Lala in 2013 and placed into the private company Laguna Dairy, S.A. de C.V. In 2017, ACON Investments became the majority owner, while Laguna Dairy continued to hold a substantial equity position. The company faced increasing pressure from structural changes in the dairy industry. Conventional milk consumption was weakening, non-dairy alternatives were gaining share, discount grocery chains were expanding, and retailers were increasingly using private-label milk. Borden also cited rising raw-milk costs and declining sales as major challenges. On January 5, 2020, Borden Dairy Company and 16 affiliated entities filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware. Chief executive Tony Sarsam publicly emphasized the company’s achievements and continuing operations, while chief financial officer Jason Monaco’s bankruptcy affidavit described a reorganization strategy rather than a planned liquidation. The restructuring culminated in an asset auction in June 2020. New Dairy Opco LLC won the auction for most of Borden’s assets. The new ownership group was led by a team including former Dean Foods chief executive Gregg Engles and representatives connected with Kohlberg Kravis Roberts. At the time of the filing, Borden employed about 3,300 workers. The transaction allowed the operating business and brand to continue after bankruptcy. Borden’s brand identity has long been built around Elsie the Cow. Elsie was introduced in 1936 as one of several cartoon cows used in advertising, with the character developed by an advertising team led by David William Reid. Reid later created Elmer the Bull in 1940; the character was associated with Borden’s chemical business and later became linked to Elmer’s glue. Elsie’s fictional family was expanded with calves in 1948 and twins in 1957. Advertising Age recognized Elsie as one of the leading advertising icons of the twentieth century in 2000. The present business sells milk and related dairy and beverage products through retailers and distribution channels in a group of U.S. states, particularly in the South and Midwest. Reported products include Vitamin D milk, reduced-fat and low-fat milk, skim milk, Dutch Chocolate milk, high-protein milk, cream, buttermilk, dips, sour cream, juices, teas, and flavored drinks. As of May 2021, the company was reported to have 14 plants and nearly 100 distribution centers.

1. 2021Reported post-restructuring footprint

   Borden was reported to operate 14 plants and nearly 100 distribution centers across the Midwest, Southern, and Southeastern United States.

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2. 2020Chapter 11 bankruptcy filing

   Borden Dairy Company and affiliated entities filed for Chapter 11 protection while seeking to continue operations and reorganize.

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3. 2020New Dairy Opco acquires most assets

   New Dairy Opco LLC won the bankruptcy auction for most of Borden’s assets, supporting continuation of the operating business.

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4. 2017ACON Investments becomes majority owner

   ACON Investments became the majority owner of the Borden dairy business, with Laguna Dairy retaining substantial equity.

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5. 2013Business spun off into Laguna Dairy

   Grupo Lala separated the Borden dairy business into the private company Laguna Dairy, S.A. de C.V.

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6. 2009Current Borden Dairy Company established

   Grupo Lala acquired National Dairy from Dairy Farmers of America and began conducting U.S. operations as Borden Dairy Company.

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7. 1997Dairy subsidiary sold to Southern Foods

   The Borden dairy subsidiary was sold to Southern Foods, controlled by Mid-America Dairymen, now Dairy Farmers of America.

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8. 1936Elsie the Cow introduced

   Elsie appeared in Borden advertising as one of a group of cartoon cows and later became the company’s signature mascot.

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9. 1857Original Borden Company established

   Gail Borden established the original Borden Company, whose later history provided the heritage associated with the Borden dairy name.

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A mainstream regional dairy brand combining broad grocery distribution with the heritage and familiarity of the historic Borden name.

• Borden fluid milkMilk

  Borden’s principal product line includes conventional refrigerated milk in several fat levels and formulations. Reported varieties include Vitamin D whole milk, 2% reduced-fat milk, 1% low-fat milk, fat-free skim milk, Lite Line milk, and high-protein milk. The line is sold through regional grocery, mass-market, pharmacy, and convenience-oriented retail channels.

• Borden Dutch Chocolate milkFlavored milk

  The Dutch Chocolate range is a flavored milk offering available in regular and reduced-fat variants. It extends Borden’s core refrigerated milk business into a sweeter, family-oriented beverage segment and is among the named milk varieties associated with the brand.

• Borden cream and buttermilkDairy ingredients

  Borden sells refrigerated cream and buttermilk products for household cooking, baking, beverage preparation, and everyday consumption. These products complement the company’s fluid-milk range and serve both retail consumers and regional distribution channels.

• Borden dips and sour creamCultured dairy

  The dips and sour-cream category broadens the brand beyond drinking milk into refrigerated cultured and prepared dairy products. These products are positioned for cooking, topping, snacking, and meal accompaniment, although the available reference material does not specify individual formulas or pack sizes.

• Borden juices, teas, and flavored drinksBeverages

  Borden’s reported beverage portfolio also includes juices, teas, and flavored drinks. These categories give the regional distribution network products beyond conventional dairy, although the reference material does not provide a complete list of sub-brands or current availability by market.

• Elsie the Cow brandingBrand identity1936

  Elsie the Cow is Borden’s best-known mascot and appears in the brand’s product identity and advertising. Introduced in 1936, Elsie developed into a durable symbol of American dairy marketing and remains closely associated with Borden products.

• 2000Elsie advertising-icon recognition

  United States

  Advertising Age included Elsie the Cow among its top advertising icons, reinforcing the long-term cultural visibility of the Borden mascot.

  Outcome. The recognition supported Elsie’s status as one of the most enduring symbols in American food advertising.

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• 1936Elsie the Cow advertising

  United States

  Borden introduced Elsie as part of a series of cartoon-cow advertisements initially appearing in medical journals. The mascot later became the central visual emblem of the dairy brand.

  Outcome. Elsie became a widely recognized advertising icon and a continuing symbol of Borden dairy products.

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• Selena Gomez Borden Milk campaign

  United States

  Selena Gomez served as a spokesperson for Borden Milk and appeared in print and television advertising for the brand.

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• 2020Bankruptcy reorganizationStrategy

  Borden faced declining milk demand, increased competition from non-dairy beverages and private labels, discount-retailer growth, and higher raw-milk costs.

  What changed. The company filed for Chapter 11 and sought to reorganize while maintaining business operations.

  Aftermath. New Dairy Opco LLC subsequently acquired most of the company’s assets through a bankruptcy auction.

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• 2020Sale of most assets to New Dairy OpcoM&A

  The transaction followed Borden’s Chapter 11 filing and an auction of the company’s assets.

  What changed. New Dairy Opco LLC won the auction for most Borden assets in June 2020.

  Aftermath. The operating business and brand continued under new ownership rather than being liquidated.

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• 2017ACON Investments becomes majority ownerM&A

  The Borden dairy business required a new private-equity ownership arrangement after its separation from Grupo Lala.

  What changed. ACON Investments acquired majority ownership while Laguna Dairy retained a substantial equity interest.

  Aftermath. The company continued operating as a privately owned regional dairy processor and distributor.

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• 2013Spin-off from Grupo LalaStrategy

  Grupo Lala separated the Borden dairy operation from its corporate structure.

  What changed. The business was placed into the private company Laguna Dairy, S.A. de C.V.

  Aftermath. Borden continued as a privately held dairy business with a new ownership structure.

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• 2009Operate U.S. dairy business under the Borden nameStrategy

  After Grupo Lala acquired National Dairy from Dairy Farmers of America, it reorganized its U.S. operations under the Borden Dairy Company name.

  What changed. The company used Borden as the operating dairy brand for its United States activities.

  Aftermath. The move created the current Borden Dairy corporate subject described in the reference material.

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• 2020Chapter 11 bankruptcyControversy

  Borden Dairy Company and 16 affiliated companies sought Chapter 11 protection amid declining sales, higher raw-milk costs, competition from non-dairy alternatives, discount retailers, and private-label products. The company said it planned to reorganize and continue operations rather than liquidate.

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• 2021Borden Dairy operates 14 plants and nearly 100 distribution centers

  Following its restructuring, Borden Dairy was reported to operate 14 plants and nearly 100 distribution centers serving markets in the Midwest, South, and Southeast.

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• 2021Borden Dairy operates a regional network of plants and distribution centers

  Reported operating information indicated that Borden Dairy had fourteen plants and nearly one hundred distribution centers across the Midwest, Southern, and Southeastern United States.

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• 2020New Dairy Opco wins auction for most Borden Dairy assets

  New Dairy Opco LLC was announced as the successful bidder for most of Borden Dairy’s assets during the bankruptcy process. The buyer was associated with Gregg Engles and Kohlberg Kravis Roberts.

  M&ABankruptcy
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• 2020Borden Dairy files for Chapter 11 bankruptcy protection

  Borden Dairy Company and sixteen affiliated entities sought Chapter 11 protection, citing raw-milk cost inflation, declining milk demand, competition from non-dairy alternatives, discount retailers, and private-label products.

  Bankruptcy
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1. Borden Dairy
2. Borden Dairy official website