Canadian dairy group Saputo has announced that it has completed the transaction announced in February and acquired Dairy Crest Group, the UK-based dairy group.
Saputo acquired the business for a total sum of £975 million (€1.2 billion), after purchasing the entire issued ordinary share capital of the UK group.
Dairy Crest, which manufactures Cathedral City cheese, Clover butter, and Frylight spray, employs approximately 1,100 people in seven locations across the United Kingdom.
Last year the group posted revenues of up to £456.8 million (€526.8 million).
Saputo called Dairy Crest an ‘attractive platform’ which fits its own growth strategy.
‘This acquisition enables Saputo to expand its international presence and to enter the UK market by acquiring and investing in a well-established and successful industry player with a solid asset base and an experienced management team,’ a statement from the group read.
Lazard acted as financial advisor to Saputo, and Freshfields Bruckhaus Deringer LLP and Stikeman Elliott LLP acted as its legal counsel.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.