MOOMilk scores $3.9M equity investment
Organic milk producer MOOMilk has attracted a $3.9 million equity investment, the largest cash infusion since the company's founding in 2009.
The deal with an anonymous New Hampshire investor, now a minority owner of the company, closed Monday, according to the Bangor Daily News.
Bill Eldridge, CEO of MOOMilk (Maine's Own Organic Milk), told the paper that the investment will allow the company to pursue new products, including chocolate milk, which would be introduced this fall.
The company, which receives organic milk from a network of dairy farmers, produces around 11,000 gallons of organic milk a week.
With the deal Monday, Eldridge said some of the company's original dairy farmers have been able to cash out company equity they took as payment for milk a few years ago.
Eldridge said the company has now repurchased that equity for a little under $100,000, which was split by five of the company's original farmers and three others that have since left.
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