El Monte-based company Driftwood Dairy, one of California’s largest processors of milk and dairy products, was snapped up Tuesday by Vietnam Dairy Products Corp., known as Vinamilk, located in Ho Chi Minh City, Vietnam.

Reports indicate that the deal was worth more than $70 million but sources estimate the price to be closer to $30 million.

Driftwood Dairy Inc. was owned by Newport Beach private equity firm Marwit Capital, which purchased the company in 2006.

The dairy company is known as the largest supplier of milk and juice to K-12 school districts in Southern California.

Chris Britt, Marwit’s managing partner, said it could not have found a better partner in Vinamilk.

“This was truly one of the most intriguing transactions that I have had the pleasure of being involved with in more than 20 years in private equity,” Britt said, in a statement. “And I believe one of the most significant transactions to date involving the acquisition of a U.S. business by a leading company based in Vietnam.”