Saputo Inc. announces today that it has entered into an agreement to acquire the activities of Shepherd Gourmet Dairy (Ontario) Inc. (“Shepherd Gourmet”). Its activities are conducted at one manufacturing facility located in St. Marys, Ontario (Canada). The business employs approximately 90 people.
The purchase price of CDN$100 million, on a debt-free-basis, will be paid in cash from cash on hand and available credit facilities.
Shepherd Gourmet manufactures, markets and distributes a variety of specialty cheeses, yogurt, as well as Skyr Icelandic-style yogurt in Canada. For the twelve-month period ended on April 30, 2018, Shepherd Gourmet generated revenues of approximately CDN$57 million.
The transaction will enable the Company’s Dairy Division (Canada) to increase its presence in specialty cheese and expand its yogurt offering in Canada.
The transaction is subject to customary conditions and is expected to close in June 2018.
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