Saputo has snagged another business.
Saputo has acquired the companies forming Ontario-based Woolwich Dairy, a manufacturer of branded and private label goat cheese for the North American market, for $80 million.
“The transaction enables Saputo to increase its presence in the specialty cheese category in North America,” the company said in a press release.
As we reported last July, Saputo CEO Lino Saputo Jr. announced that the company could add up to three more businesses to its portfolio, especially in international markets.
“We’ll be happy with the 1 percent to 2 percent growth in the developed North American markets and maintain our presence there,” said Saputo. “But we’re tapping into emerging markets that are showing more growth potential than the developed markets.”
Woolwich owns three locations across North America, including its head office in Orangeville, Ontario; Princeville, QC; and Lancaster, Wisconsin. Its brands include Woolwich Dairy, Chevrai, and Wholesome Goat. There are currently 190 people that are employed at the company.
Woolwich generates annual revenues of approximately $70 million.
Stay tuned to DeliMarket News as we continue to track any further acquisitions from Saputo.