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Montreal-based dairy company Saputo has announced two strategic acquisitions in the dairy alternatives and value-added ingredients sectors, representing a combined investment of CAD 187 million ($72.6 million approx).
Saputo has acquired Bute Island Foods, a manufacturer and distributor of vegan cheese for the retail and foodservice industries. Bute produces the popular Sheese brand, as well as private label brands. Located on the Isle of Bute on the west coast of Scotland, the company employs 180 people.
“We are delighted to welcome the Bute Island Foods team and the wealth of knowledge they bring to our global family,” said Lino A Saputo, chair of the board and CEO of Saputo. “Our commitment remains to expand our footprint in the dairy alternatives space to meet the changing demands of our customers and consumers.”
He continued: “This investment marks an important milestone that will allow us to accelerate our growth in this area globally, putting innovation at the forefront of our priorities”.
In addition, Saputo has pledged more than CAD 5 million over five years to support local Bute Island community initiatives and organisations.
Saputo’s second acquisition is for the Reedsburg facility of Wisconsin Specialty Protein, which manufactures value-added ingredients such as goat whey, organic lactose and other dairy powders.
The transaction is expected to close at the end of May and will enable Saputo to expand and accelerate its ingredients offering in the US and internationally.