• Dean Foods to float up to 20% of WhiteWave unit
  • WhiteWave will own brands like Alpro, Horizon Organic 
WhiteWave Foods Co. will own brands including Alpro

WhiteWave Foods Co. will own brands including Alpro

Dean Foods has announced plans to list part of the business that runs its soy and organics operations, including the Alpro brand.

The US dairy giant will sell shares in up to 20% of The WhiteWave Foods Co. in an IPO in New York.

WhiteWave will own Dean Foods' WhiteWave-Alpro business, which sells soy and organic brands including Horizon Organic and Alpro in North America and Europe.

Dean Foods chairman and CEO Gregg Engles will take the two roles at WhiteWave. Gregg Tanner, president of Dean Foods' Fresh Dairy Direct liquid milk subsidiary and its chief supply officer, will replace Engles.

Following the listing, Dean Foods plans to still own as much as 80% of WhiteWave. It will distribute its interest in the business to its shareholders.

Proceeds from the offering, as well as $800-$925m to be borrowed under a new credit facility at WhiteWave, are expected to be used to reduce Dean Foods' debt.

Show the press release

DALLAS, Aug. 7, 2012 /PRNewswire/ -- Dean Foods Company (NYSE: DF) today announced that its wholly-owned subsidiary, The WhiteWave Foods Company, filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering ("IPO") of its Class A common stock.  Following the IPO, The WhiteWave Foods Company will own Dean Foods' WhiteWave-Alpro business, which manufactures, markets, distributes and sells branded plant-based foods and beverages, coffee creamers and beverages and premium dairy products throughout North America and Europe.   

Following the IPO, Dean Foods will own at least 80% of The WhiteWave Foods Company's common stock.  Dean Foods intends to distribute its remaining interest in The WhiteWave Foods Company to Dean Foods' shareholders in a tax-free distribution no earlier than 180 days following the closing of the IPO. 

A registration statement relating to securities of The WhiteWave Foods Company has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted before the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and BofA Merrill Lynch will act as joint book-running managers for the offering.  The initial public offering will be made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933. When available, a copy of the preliminary prospectus may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at +1 (866) 803-9204; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, via telephone: +1 (800) 221-1037, or by e-mail: newyork.prospectus@credit-suisse.com; or BofA Merrill Lynch, 222 Broadway, 7th Floor, New York, NY 10038, Attn: Prospectus Department or email dg.prospectus_requests@baml.com.

Original source: Dean Foods