The businesses, which join Saputo’s Dairy Division (USA) under its USA Sector, are conducted at two facilities in North Carolina and employ a total of approximately 230 people.
The purchase price of $118m, on a cash-free and debt-free basis, was paid in cash at closing.
Carolina Aseptic develops, manufactures, packages, and distributes aseptic shelf-stable food products and beverages out of a purpose-built facility in Troy, North Carolina. Nearby, Carolina Dairy manufactures, packages, and distributes refrigerated yogurt in spouted pouches in Biscoe, North Carolina.
Saputo said the acquisition of the businesses will better position Saputo to capture the growing demand for aseptic protein beverages and nutritional snacks.
“Complementing the organic growth initiatives outlined in our Global Strategic Plan (FY22-FY25), this investment aims to reinforce the strength of Saputo’s core business by increasing our capacity to manufacture and distribute products in the rapidly growing aseptic beverage and food categories, as well as the nutritional snacks space,” said Lino A. Saputo, chair of the board and chief executive officer, Saputo Inc.