Montreal-based dairy giant Saputo has announced the purchase of Shepherd Gourmet Dairy, based at St. Marys, Ontario, for $100 million.
Employing about 90 people, Shepherd Gourmet is known for its specialty cheeses, including feta, sheep’s milk ricotta, and Skyr Icelandic-style yogurt. Saputo says the purchase enables the company’s Canadian dairy division to increase its presence in specialty cheese and expand its yogurt offering in Canada.
For the twelve-month period ended on April 30, 2018, Shepherd Gourmet generated revenues of approximately $57 million. Saputo’s purchase will be funded through cash and available credit, and is expected to close in June 2018.