Saputo acquires Lion Dairy & Drinks in Australia
Saputo Inc. completed the transaction announced on April 26, 2019, and acquired the specialty cheese business of Lion Dairy & Drinks Pty Ltd for a purchase price of A$280 million (approximately CDN$249.5 million), on a cash-free and debt-free basis. The Specialty Cheese Business is conducted at two manufacturing facilities located in Burnie and King Island, Tasmania (Australia) and employs approximately 400 people.
The Specialty Cheese Business produces, markets and distributes a variety of specialty cheeses under a wide portfolio of Australian brands, including South Cape, Tasmanian Heritage, Mersey Valley and King Island Dairy. For the twelve-month period ended on Dec. 31, 2018, the Specialty Cheese Business generated revenues of approximately A$192 million (approximately CDN$171.1 million).
This acquisition enables Saputo’s Dairy Division (Australia) to further diversify its product offering, adding to and complementing its current activities.