MONTREAL — Saputo Inc. is investing approximately C$187 million ($154.8 million) in two acquisitions that the company says will boost its presence in the dairy alternatives and value-added ingredients segments.
Saputo has completed the acquisition of Bute Island Foods Ltd., a manufacturer, marketer and distributor of a variety of dairy alternative cheese products for both the retail and foodservice market segments under its vegan Sheese brand, alongside private label brands. Located on the Isle of Bute, off the West Coast of Scotland, Bute Island Foods employs approximately 180 people.
“We are delighted to welcome the Bute Island Foods team and the wealth of knowledge they bring to our global family,” said Lino A. Saputo, chairman of the board and chief executive officer. “Our commitment remains to expand our footprint in the dairy alternatives space to meet the changing demands of our customers and consumers. This investment marks an important milestone that will allow us to accelerate our growth in this area globally, putting innovation at the forefront of our priorities.”
Separately, Saputo said it has entered into an agreement to acquire the Reedsburg, Wis., facility of Wisconsin Specialty Protein, LLC. The facility manufactures value-added ingredients such as goat whey, organic lactose and other dairy powders and it employs approximately 40 people. The transaction is expected to close at the end of May and will enable Saputo to broaden and increase the value of its ingredients offering, enhancing its portfolio in the United States and internationally.
Saputo said the two acquisitions are in line with and will contribute favorably to the company’s new global strategic plan objectives, which will be presented in the company’s year-end disclosures and during its year-end earnings webcast on June 3.
Saputo Inc. is one of the world’s top 10 dairy processors. Saputo Inc. has operations in Canada, the United States, Australia, Argentina, and the United Kingdom, with products sold in more than 50 countries.