Founded in 1921, Oakhurst (www.oakhurstdairy.com) is the leading brand of dairy products in Northern New England and has been led by three generations of the Bennett family. Oakhurst has grown to become the largest independent processor of refrigerated milk and dairy products in Maine by maintaining an unwavering commitment to quality, integrity, and freshness – “The Goodness of Maine®”. Oakhurst employs approximately 200 and all of its milk is sourced from 70 local Maine farms. Oakhurst's sole manufacturing facility is located at the headquarters in Portland, ME with additional distribution facilities in Maine and New Hampshire.
Dairy Farmers of America, Inc. (“DFA”) (www.dfamilk.com) is a dairy marketing cooperative that serves and is owned by 13,000 dairy farmer members in 48 states. With over $12 billion in revenue and 4,000 employees, DFA is one of the country's most diversified manufacturers of dairy products and is a leader in formulating shelf-stable dairy products. In the past few years, the cooperative has increased its investments in the fluid milk and ice cream category by purchasing other regional dairy processing facilities and brands including Guida’s Dairy in Connecticut, Kemps in Minnesota and Dairy Maid Dairy in Maryland. These local brands continue to run and function as separate, independent businesses.
Oakhurst Dairy (Portland, Maine) announced that it has been acquired by Dairy Farmers of America (Kansas City, Missouri). This transaction is the successful culmination of an initiative led by Bigelow LLC on behalf of Oakhurst to proactively seek out the “Best New Majority Shareholder” for the Company.
“For more than 90 years and three generations, my family has worked hard to build a strong local brand that Maine families trust. We are pleased to entrust the farm families of Dairy Farmers of America to continue our commitment. This was a big decision for our family, but we believe it is what’s best for the future of the company. Farmer-owned Dairy Farmers of America understands the importance of supporting local farmers and our community and has the financial strength to fuel new opportunities for growth and improvements in our Maine and New England operations. Oakhurst will continue to contribute to organizations that support healthy kids and the environment.” Bill Bennett, Chairman of the Board Oakhurst
“The Bennett family has established Oakhurst as a trusted local brand known for its long-lasting commitment to quality, integrity, and freshness. We are pleased to have them join us and are glad the Bennett family will continue to manage operations. As a company committed to doing the right thing for their suppliers, customers, employees and community, the Oakhurst and Dairy Farmers of America values align.” Alan Bernon, President Dairy Farmers of America
has been acquired by
Kansas City, Missouri
The undersigned initiated this transaction
and acted as M+A advisor to