Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
A-Brands

Canada's Saputo Acquires Dairy Crest

Canadian dairy giant Saputo has announced the completion of its acquisition of UK firm Dairy Crest for a price of £6.20 per share, in a deal that values the business at £975 million (€1.12 billion).

In a statement Saputo said that the acquisition enables it 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'.

Dairy Crest, which manufactures and markets cheese under brands including Cathedral City, Clover, Country Life and Frylight, posted revenues of £456.8 million (€526.8 million) last year.

'Attractive Platform'

Saputo said that Dairy Crest boasts an 'attractive platform' that fits in with its own growth strategy.

The acquisition was financed through funds drawn on a new bank term loan facility, and was implemented by way of a Court-sanctioned scheme of arrangement under the UK Companies Act 2006.

Lazard acted as financial advisor to Saputo, and Freshfields Bruckhaus Deringer LLP and Stikeman Elliott LLP acted as its legal counsel.

The deal was initially announced on February 22.

© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days