Saputo completes Alto purchase
By Canadian PizzaNews
Saputo Completes Purchase
Saputo Inc. has completed the transaction
announced on Jan. 29, 2008 for the acquisition of the activities of
Alto Dairy Cooperative.
Apr. 29, 2008, Montreal – Saputo Inc. has completed the transaction announced on January 29, 2008 for the acquisition of the activities of Alto Dairy Cooperative (Alto).
Alto produces Italian- (mozzarella and provolone) and American-style cheeses (cheddar varieties, Monterey Jack, Muenster, Fontina and Gouda), as well as whey products, which are marketed nationwide under a variety of brand names and private labels. It employs approximately 467 employees in its 2 plants located in Wisconsin. For fiscal 2007, ended June 30, 2007, Alto had sales of US$378 million and EBITDA(1) of US$19.6 million(2). The total consideration for this transaction, US$160 million on a debt-free basis, was paid in cash by drawing on available lines of credit.
This strategic transaction will enable Saputo Cheese Division (USA) to expand its business and represents a major step in its goal to achieve a stronger presence in the US, according to the company.
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