Saputo Inc. announced two strategic acquisitions: one the dairy alternatives space and one in the value-added ingredients segment. The acquisitions represent a combined investment of approximately CDN$187 million.
Montréal-based Saputo said it completed the acquisition of Bute Island Foods Ltd., an innovative manufacturer, marketer and distributor of a variety of cheese alternative products for both the retail and foodservice market segments under the award-winning vegan Sheese brand, alongside private label brands. The business is located on the Isle of Bute, off the West Coast of Scotland, and employs approximately 180 people, including its founders.
“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, chair of the board and CEO, Saputo. “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.”
Supporting the communities where it operates, Saputo said it is also proud to pledge more than CDN$5 million over five years to support local Bute Island community initiatives. Community engagement is important to Saputo, which strives to invest 1% of its pre-tax profits each year in community programs and organizations that promote a healthy lifestyle for people of all ages. To learn more, visit www.saputo.com/our-promise/community.
Additionally, Saputo said it entered into an agreement to acquire the Reedsburg facility of Wisconsin Specialty Protein LLC. This facility, located in Wisconsin, manufactures value-added ingredients such as goat whey, organic lactose and other dairy powders and employs approximately 40 people. The transaction is expected to close at the end of May 2021 and will enable Saputo to broaden and increase the value of its ingredients offering, enhancing its portfolio in the United States and internationally.
The two acquisitions are in line with — and will contribute favorably to — Saputo’s new global strategic plan objectives to be presented in the company’s year-end disclosures and during its year-end earnings webcast on June 3, 2021. To learn more, visit www.saputo.com/en/investors/calendar-of-events.