Kirkland & Ellis advised Milk Specialties Global on a $300 million dividend recapitalization. The transaction included a $300 million second-lien term loan facility, which was provided by GoldenTree Asset Management LP. The Company’s preexisting first-lien secured credit facility remains in place. Milk Specialties is an industry-leading, vertically integrated ingredient manufacturer focused on the processing of raw dairy inputs, such as milk and liquid whey, into value-added functional ingredients for a variety of growing nutrition end markets. The company was acquired by private equity firm Butterfly in February 2023 following other investments in the vitamins, minerals and supplements space including Orgain and MaryRuth Organics.
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