Saputo buying specialty cheese business in Australia for $265M
April 26, 2019 – Saputo Inc. has signed a deal to buy the specialty cheese business of Lion - Dairy & Drinks in Australia for roughly $265 million.
Montreal-based Saputo says the Australian business includes two manufacturing facilities in Tasmania and employs approximately 400 people.
The specialty cheese business produces, markets and distributes a variety of specialty cheeses under several Australian brands, including South Cape, Tasmanian Heritage, Mersey Valley and King Island Dairy.
It generated about $182 million in revenue in 2018.
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The deal is subject to foreign investment approval and clearance by the Australian Competition and Consumer Commission.
It is expected to close in the second half of this year.
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