Sector News

Murray Goulburn buys Caboolture cheese from United Dairy Power

April 22, 2015
Food & Drink
The nation’s largest dairy co-operative, Murray Goulburn, has acquired leading cheese brand Caboolture cheese, as well as some processing equipment, from United Dairy Power (UDP), after UDP’s parent company fell into receivership late last year.
 
“Caboolture is a food service market-leading shredded mozzarella brand, mainly used in pizza restaurants,” Murray Goulburn chief executive Gary Helou said in a statement.
 
“The strategic integration of the Caboolture brand into our growing food service business will strengthen MG’s position in this segment.
 
“The acquisition of the Caboolture brand forms part of our strategy to diversify our portfolio to higher value dairy foods, with the goal of providing sustainably higher farmgate prices to MG suppliers.”
 
The move comes ahead of Murray Goulburn’s planned $500m capital raising in July, which will see a unit trust listed on the ASX.
 
Part of the proceeds of the raising are slated for an expansion of Murray Goulburn’s cheese processing facilities.
 
Last year Hong Kong businessman William Hui paid about $70 million to take control of UDP, Australia’s largest privately-owned milk processing company, from its founder Tony Esposito.
 
But UDPs parent company was placed in receivership after its banker moved to remove its board and appoint a new CEO to manage its debts.
 
Advisory firm PPB handled the Caboolture Cheese sale.
 
By Damon Kitney
 

Related News

September 21, 2020

Alpro announces 30m euro investment and new sustainability goals

Food & Drink

Alpro has unveiled a new five-year health and sustainability action plan, as well as plans to invest €30m in two of its production sites. The objectives laid out by the company, […]

September 18, 2020

Cargill to advance regenerative agriculture practices across 10m acres of farmland

Food & Drink

Cargill has announced that it is supporting farmer-led efforts to adopt regenerative agriculture practices on 10 million acres of crop land in North America by 2030. The initiative will focus primarily […]

September 17, 2020

PepsiCo pilots invisible digital watermark technology to boost recycling

Food & Drink

PepsiCo is trialling products encoded with invisible digital watermarks for more effective recycling. The technology is pegged as the “holy grail” that will make mechanical sorting more efficient. The beverage […]