Canada’s Saputo is to acquire the UK’s Dairy Crest in a transaction valuing the latter at £975 million. Dairy Crest manufactures and markets cheese, butters, spreads and oils under leading British brands, such as Cathedral City, Clover, Country Life and Frylight, and value-added dairy ingredients. Dairy Crest employs approximately 1,100 people in seven locations across the United Kingdom. For the year ended March 31, 2018, Dairy Crest had revenues of approximately £456.8 million and profit after tax for the period of approximately £149.5 million. For the six months ended September 30, 2018, Dairy Crest had revenues of approximately £224.9 million and profit after tax for the period of approximately £14.5 million.

The transaction will, says Saputo, enable it to expand its international presence and enter the UK market by acquiring and investing in a well-established and successful industry player with a solid asset base and an experienced management team. Dairy Crest is, the company says, an attractive platform which fits with Saputos growth strategy.