Houlihan Lokey Advises Saputo

Houlihan Lokey is pleased to announce that Saputo Inc. has entered into a definitive agreement with Lactalis to sell Saputo Dairy UK (formerly Dairy Crest PLC), the leading manufacturer of branded cheese and dairy spreads in the United Kingdom. The closing of the transaction is expected in the coming months, subject to customary closing conditions, including receipt of applicable regulatory approvals.

The transaction includes market-leading brands such as Cathedral City, the U.K.’s number one cheddar cheese brand, Clover, and Country Life, as well as five manufacturing facilities. Alongside the branded portfolio, Saputo Dairy UK is also a significant supplier of private-label products and whey-derived ingredients. Over the past four quarters, the business generated approximately $1.233 billion of revenue. Formerly listed on the London Stock Exchange as Dairy Crest PLC, the business was acquired by Saputo Inc. in 2019.

Saputo Inc., one of the top 10 dairy processors in the world, 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 Inc. is a publicly traded company, and its shares are listed on the Toronto Stock Exchange under the symbol SAP.

Founded in 1933, Lactalis is a French family business active in a wide range of dairy-based products across six main categories: cheese, liquid milk, chilled dairy, butter, cream, and dairy ingredients. The group generated sales of more than €31 billion in FY25.

The acquisition combines Lactalis’ brand-building and distribution capabilities with Saputo Dairy UK’s category-leading portfolio and best-in-class U.K. manufacturing footprint, strengthening Lactalis’ position in the U.K. dairy sector.

Houlihan Lokey acted as the exclusive financial advisor to Saputo Inc., advising on key aspects of the preparation, structuring, and negotiation of the transaction. This transaction underscores Houlihan Lokey’s deep expertise in the dairy and nutrition sectors, following the sales of Protein Works to Lactalis, yfood to Nestlé, Volac Whey Nutrition to Arla Foods, and Wisconsin Whey Protein to Royal FrieslandCampina.

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