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.
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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.
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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.
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