Geoff Hoffmann’s Family Investment Firm Emerges as Top Bidder for Bankrupt Oberweis Dairy

Geoff Hoffmann, co-CEO of his family’s private equity firm, has emerged as the new milkman in Chicago after winning the bid for the bankrupt assets of the century-old Oberweis Dairy. The undisclosed offer from the Hoffmann Family of Companies through its investment arm, Osprey Capital, beat out Brian Boomsma, owner of Dutch Farms, who made a $20 million bid in April.

Hoffmann expressed excitement about the acquisition, stating, “We think that the brand is as good as it gets in the ice cream and dairy space. We’re ready to make investments in the company to make it as big and as strong as it’s ever been.” The deal, pending final court approval, will add Oberweis Dairy to the Hoffmann investment portfolio, which includes a diverse range of businesses from wineries to minor league hockey teams.

Founded in 1915 by Peter Oberweis, the dairy company has faced challenges in recent years, leading to its Chapter 11 bankruptcy filing in April. Despite its struggles, Oberweis is known for its old-school bottled milk and ice cream, with 40 stores across multiple states and a home delivery service.

Geoff Hoffmann comes from a milk pedigree, with his grandfather being a home milk delivery man in Missouri. This acquisition marks the Hoffmann family’s first venture into the dairy business, adding to their extensive portfolio of over 100 brands in 30 countries.

Plans for Oberweis under new ownership include building on the brand’s heritage, keeping the North Aurora plant operational, and focusing on growth. Hoffman intends to invest in the plant to enhance production capabilities and streamline operations, while keeping the current management team in place.

A sale hearing is scheduled for June 5 in a Chicago bankruptcy court, with the acquisition expected to close within 10 days of court approval. Hoffmann’s vision for Oberweis is centered around growth and maintaining the brand’s reputation for premium dairy products.