A recent acquisition rocked the news waves earlier this week as Saputo announced the closing of its deal. Recently, the dairy producer completed the acquisition of the Carolina Aseptic and Carolina Dairy businesses for $118 million USD (approximately $149 million CDN), which were formerly operated by AmeriQual Group Holdings.
“Complementing the organic growth initiatives outlined in our Global Strategic Plan (FY22–FY25), this investment aims to reinforce the strength of Saputo’s core business by increasing our capacity to manufacture and distribute products in the rapidly growing aseptic beverage and food categories, as well as the nutritional snacks space,” said Lino A. Saputo, Chair of the Board and Chief Executive Officer, Saputo.
According to the release, both Carolina Aseptic and Carolina Dairy will join Saputo’s Dairy Division (USA) under its USA Sector. Both the businesses are conducted at two facilities in North Carolina and employ a total of approximately 230 people.
The purchase was made on a cash-free and debt-free basis and was paid in cash at closing.
Carolina Aseptic develops, manufactures, packages, and distributes aseptic shelf-stable food products and beverages out of a purpose-built facility in Troy, North Carolina. Additionally, Carolina Dairy manufactures, packages, and distributes refrigerated yogurt in spouted pouches in Biscoe, North Carolina. The acquisition of these businesses will better position Saputo to capture the growing demand for aseptic protein beverages and nutritional snacks.
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