Borden dairy, which filed for individual bankruptcy safety in January, has been sold to two personal equity firms.

Dallas-based mostly Borden reported Friday it was sold for about $340 million to Capitol Peak Companions and KKR. Colorado-dependent Capitol Peak will be the the greater part proprietor when New York-primarily based KKR will be a minority trader.

Borden’s 12 U.S. plants — which generate 500 million gallons of milk per year — will continue to be open up and its 3,300 personnel will hold their jobs, the firm mentioned. Borden CEO Tony Sarsam will stage down when the sale is finished, and Capitol Peak and KKR will appoint a new board of directors.

There was no phrase, on the other hand, on the fate of Elsie, the smiling cow that has been Borden’s mascot considering that 1936.

The sale is predicted to be wrapped up in mid-July.

Borden, started in 1857, has been hammered by transforming American tastes. Milk usage is down as U.S. refrigerators are ever more stocked with juice, soda and milk substitutes produced from soy or almonds. Liquid milk use in the U.S. has tumbled a lot more than 40% because 1975.

Capitol Peak Associates was started by Gregg Engles, who is the former chairman and CEO of Dean Foods and the former chairman and CEO of WhiteWave Food items, which makes Horizon natural milk and Silk plant-based mostly milk. Engles sold WhiteWave to Danone SA in 2017.

Dean Meals, which is also dependent in Dallas and is the nation’s biggest milk producer, filed for bankruptcy defense in November. It offered virtually all of its assets to the Dairy Farmers of The us in a transaction completed past month.