ILLINOIS, USA — Oberweis Dairy Inc., which was sold at a bankruptcy auction last week to a private equity firm with ties to St. Louis, went for $21.25 million, according to court documents. And the buyer says it plans to expand the dairy business.
Hoffmann Family of Cos. (HFOC), through its investment arm, Winnetka, Illinois-based Osprey Capital LLC, was the prevailing bidder May 29 for the dairy company, but the price hadn't been disclosed until court filings Tuesday.
Oberweis Dairy's sale to Osprey was approved at a Wednesday afternoon hearing in U.S. Bankruptcy Court for the Northern District of Illinois, HFOC said in a press release. The North Aurora, Illinois-based dairy company and five affiliates filed April 12 for Chapter 11 bankruptcy protection.
Oberweis also received a so-called stalking horse bid, which essentially sets a floor price, from Brian Boomsma, co-founder of family-owned Dutch Farms dairy and grocery products business in Chicago. Boomsma's bid also was more than $20 million, according to court filings.
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