News in Brief
Saputo buys Shepherd Gourmet Dairy
The company, which started as a sheep-milk Mediterranean-style cheese producer, is based at one manufacturing facility located in St. Marys, in southwest Ontario. The business employs approximately 90 people.
Shepherd Gourmet manufactures, markets and distributes a variety of specialty cheeses such as Feta and Ricotta, sheep milk yogurt, as well as skyr. For the twelve-month period ended on April 30, 2018, Shepherd Gourmet generated revenues of approximately C$57m (US$44.3m).
Saputo said the transaction will enable its dairy division (Canada) to increase its presence in specialty cheese and expand its yogurt offering in Canada.
The purchase, on a debt-free-basis, will be paid in cash from cash on hand and available credit facilities, and the transaction, subject to customary conditions, is expected to close in June 2018.
