Morningstar produces a variety of dairy and non-dairy extended shelf-life products, including creams and creamers, ice cream mixes, whipping cream, aerosol whipped toppings, iced coffee, half and half, value-added milks, as well as cultured products such as sour cream and cottage cheese.
These products are manufactured under a wide array of private labels and owned brands, and are sold nationwide through an internal sales force and independent brokers.
Morningstar serves the needs of retailers, national quick-serve restaurant chains, grocery stores, mass merchandisers and distributors across the United States. Morningstar has approximately 2,000 employees and operates 10 manufacturing facilities located in nine states.
The purchase price for the transaction is US$1.45bn on a debt-free basis and will be financed through a newly committed bank loan. The transaction is subject to regulatory approval and is expected to close by the end of December 2012.
For the twelve months ended 30 September 2012, Morningstar had revenues of about $1.6bn, and earnings before interest, taxes, depreciation, and amortisation of approximately CDN$153m.
The combined business will have approximately 12,000 employees and 57 manufacturing facilities in five countries.
Source: Saputo
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