Saputo Inc., Montreal, said it completed the acquisition of the Carolina Aseptic and Carolina Dairy businesses formerly operated by AmeriQual Group Holdings LLC. These businesses, which join Saputo’s Dairy Division (USA) under its USA Sector, are conducted at two facilities in North Carolina and employ approximately 230 people.
The purchase price of US$118 million (approximately CDN$149 million), on a cash-free and debt-free basis, was paid in cash at closing, Saputo said.
Carolina Aseptic develops, manufactures, packages and distributes aseptic shelf-stable food products and beverages out of a purpose-built facility in Troy, N.C. Nearby, Carolina Dairy manufactures, packages and distributes refrigerated yogurt in spouted pouches in Biscoe, N.C. Saputo said the acquisition of these businesses will better position the company for capturing the growing demand for aseptic protein beverages and nutritional snacks.
“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 CEO, Saputo Inc.