SAPUTO MAKES TWO ACQUISITIONS AS PART OF FOUR-YEAR GROWTH PLAN
Canada-based dairy products maker and distributor Saputo has expanded into the dairy alternatives and value-added ingredients segments through two acquisitions totalling CAD 187 million (€127m).
In dairy-alternative cheeses, the company has completed the purchase of Bute Island Foods in Scotland, which supplies both the retail and foodservice segments with the vegan Sheese brand as well as private label.
CEO Lino Saputo commented: “Our commitment remains to expand our footprint in the dairy alternatives space to meet the changing demands of consumers. This investment marks an important milestone that will allow us to accelerate our growth in this area globally.”
Saputo aims to grow EBITDA
Closer to home, Saputo – one of the top ten dairy processors in the world and among the top three cheese producers in the US – has also bought the Reedsburg, Wisconsin facility of value-added ingredients player Specialty Protein. The plant – which employs 40 people – makes products such as goat whey, organic lactose and other dairy powders.
Toronto-listed Saputo says that both acquisitions tie-in with the company’s new global strategic plan to grow its adjusted EBITDA “in high single digits” consistently over the next four years. The plan was presented today during a year-end earnings webcast when the company announced revenue in the 12 months to March 2021 down by 7.5% to CAD3.44 billion, while adjusted EBITDA was up 1.5% to CAD 303 million.