Saputo Inc. Completes the Acquisition of the Activities of Murray Goulburn Co-Operative Co. Limited
MONTREAL, QUEBEC--(Marketwired - Apr 30, 2018) - Saputo Inc. ("Saputo" or "the Company") (TSX:SAP) completed today the
transaction announced on October 26, 2017 and acquired the activities of Murray Goulburn Co-Operative Co. Limited ("Murray
Goulburn" or "MG"), based in Australia.
The purchase price of CDN$1.29 billion (A$1.31 billion), on a debt-free basis, was financed through a newly committed bank
loan.
MG produces a full range of high-quality dairy foods, including drinking milk, milk powder, cheese, butter and dairy
beverages, as well as a range of ingredient and nutritional products, such as infant formula. MG supplies the retail and
foodservice industries globally with its flagship Devondale, Liddells and Murray Goulburn Ingredients
brands. After taking into account the future divestment of the Koroit plant by Saputo in accordance with its undertaking in
favour of the Australian Competition and Consumer Commission, Murray Goulburn operates seven manufacturing facilities across
Australia and one in China, and has approximately 1,900 employees.
For the twelve-month period ended on June 30, 2017, MG had revenues of approximately CDN$2.5 billion (A$2.5 billion) and
earnings before interest, taxes, depreciation, amortization, milk supply support package forgiveness, rationalisation costs,
write-downs and non-recurring costs of approximately CDN$78 million (A$79 million).
The acquisition of Murray Goulburn will add to and complement the activities of the Company's Dairy Division (Australia). By
acquiring a well-established industry player, Saputo reinforces its commitment to strengthen its presence in the Australian
market. The Company intends to continue to invest in its existing Australian platform and contribute to the ongoing development
of its domestic and international business.
Moelis Australia acted as financial advisor to Saputo, while Ash St. Partners Pty Ltd and Clayton Utz acted as legal counsel.
National Bank Financial and BMO Capital Markets were co-lead arrangers and joint bookrunners.
About Saputo
Saputo produces, markets, and distributes a wide array of dairy products of the utmost quality, including cheese, fluid milk,
extended shelf-life milk and cream products, cultured products and dairy ingredients. Saputo is one of the top ten dairy
processors in the world, the largest cheese manufacturer and the leading fluid milk and cream processor in Canada, the top dairy
processor in Australia and the second largest in Argentina. In the USA, Saputo ranks among the top three cheese producers and is
one of the largest producers of extended shelf-life and cultured dairy products. Our products are sold in several countries under
well-known brand names such as Saputo, Alexis de Portneuf, Armstrong, COON, Cracker Barrel*, Dairyland, DairyStar, Devondale,
Friendship Dairies, Frigo Cheese Heads, La Paulina, Milk2Go/Lait's Go, Montchevre, Murray Goulburn, Neilson, Nutrilait,
Scotsburn*, Stella, Sungold, Treasure Cave and Woolwich Dairy. Saputo Inc. is a publicly traded company and its
shares are listed on the Toronto Stock Exchange under the symbol "SAP".
*Trademark used under licence.