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
 

comments closed

Related News

December 3, 2022

AI central to Nestle’s innovation overhaul

Food & Drink

Nestle SA has accelerated its product development process by 60% since 2016, according to the company. The faster speed to market has been achieved through a restructuring of its research and development process. Now the company is investing in various forms of artificial intelligence (AI) and machine learning to further improve its R&D process and generate better results.

December 3, 2022

Takeover on the horizon? Brenntag makes preliminary indication of interest for Univar Solutions

Food & Drink

German chemicals distributor Brenntag has confirmed potential takeover talks with US rival Univar Solutions and is understood to be debating the feasibility of a potential acquisition in the coming months. Univar Solutions confirms that it has received a preliminary indication of interest from Brenntag regarding a potential transaction.

December 3, 2022

Cargill announces purchase of Owensboro Grain Company

Food & Drink

Cargill has announced the acquisition of Owensboro Grain Company, a soybean processing facility and refinery located in Kentucky. The purchase of the Owensboro-based company will support Cargill’s efforts to “modernise and increase capacity across its North American oilseeds network to support growing demand for oilseeds driven by food, feed and renewable fuel markets”.