Borden Dairy plans to be acquired by investment firms Capitol Peak Partners and KKR for $340 million.

The 163-year-old dairy processor said that the company will now be “appropriately capitalized” and that its plants, routes and the Borden brand will remain, along with about 3,300 employees.

The company filed for Chapter 11 protection on Jan. 5, citing a need to reduce debt. Dairy processor Dean Foods had sought bankruptcy protection roughly two months earlier.

Borden is known for its mascot Elsie the Cow. The company’s 12 plants are mostly in the South but include one in Cleveland, Ohio.

Last month, Borden announced it had won the largest contract to supply USDA’s Farmers to Families Food Box Program.

The sale of the company, announced June 26, is expected to be completed by mid-July.

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