Tue, 25 May 2021 | BUSINESS SALE
Canadian firm Saputo has announced the acquisition of UK-based dairy alternative cheese maker Bute Island Foods. The Scottish firm produces plant-based, dairy-free cheese alternatives through the Sheese brand.
The company operates online and via both independent retailers and major supermarkets. The firm, which is based on the Scottish Isle of Bute, employs around 180 staff. As well as its UK presence, its products are stocked across Europe, Asia, Canada, Australia and South Africa.
Financials of the acquisition were not disclosed, but it was announced alongside Saputo’s acquisition of a facility from US alternative dairy firm Wisconsin Specialty Protein. Saputo said the two deals together represented an investment of around £109.7 million (CAD187 million).
For the year ended December 31 2020, Bute Island Foods reported post-tax profits of £4.4 million on turnover of £16.6 million. This was up from £3.9 million profit on £13.1 million revenue a year earlier. At the time, the firm’s total equity stood at £11.5 million.
Saputo CEO Lino Saputo commented: “We are delighted to welcome the Bute Island Foods team and the wealth of knowledge they bring to our global family.”
“Our commitment remains to expand our footprint in the dairy alternatives space to meet the changing demands of our customers and consumers. 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.”
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