ACON Investments, L.L.C., a Washington-based private equity investment firm, said it has completed an equity recapitalization of Borden Dairy Co. Based in Dallas, Borden is one of the largest fresh fluid dairy processors in the United States, operating 13 facilities with more than 500 million gallons of annual milk processing capacity.

Borden was spun-off from Grupo Lala into a private company called Laguna Dairy, S.A. de C.V. in 2013. Following the equity recapitalization, ACON said Laguna Dairy will remain a substantial equity holder in Borden.

Financial terms of the transaction were not disclosed.

“Borden is an iconic brand with more than 150 years of heritage,” said Aron Schwartz, managing partner of ACON. “We are excited to be partnering with Laguna Dairy and Borden’s management to accelerate the company’s growth and maintain its position as a market leader. We think this is a powerful example of how ACON’s presence in the United States and Latin America can be leveraged to create deal flow and bespoke solutions for families and strategic owners across the Americas.”

Steve Gorman, general manager of Laguna Dairy, said the transaction confirms the value the company has built during its ownership of Borden.