MONTRÉAL — International investment group CDPQ revealed that it increased its stake in Canadian dairy processor Saputo, Inc., to approximately 4.5%, with the acquisition of 13.5 million additional Saputo shares. 

A backer of Saputo since 1997, CDPQ said it paid $27.96 per share on its latest purchase, worth about $378 million.

Saputo, one of the largest cheese manufacturers in the United States, is based in Canada, where it produces a wide range of dairy products and distributes those to other countries, such as Australia and Argentina, as well. Additionally, Saputo’s United Kingdom operation produces branded cheeses and dairy spreads for that market.

CDPQ executive vice president Kim Thomassin said the group was proud to support the Montréal-based dairy processor, calling Saputo a world leader in the industry.

“We've been a shareholder of the company for nearly 30 years, and this investment aligns with our strategy to foster the emergence of North American and international champions while generating benefits for Québec,” Thomassin said.