Goldsmith Agio
Helms Announces the Sale of
Cheese and Protein International, LLC, a
Subsidiary of
Land O'Lakes, Inc.,
to
Saputo, Inc.
MINNEAPOLIS, MN – April 2,
2007:
Goldsmith Agio Helms is
pleased to announce the completed sale of the assets of
Cheese and Protein International, LLC (“CPI” or the
“Company”), a wholly owned subsidiary of Land O’ Lakes,
Inc. to Saputo Inc.
(TSX:SAP) for $216 million. Goldsmith Agio Helms represented
Land O’ Lakes in the transaction. CPI
is a premier cheese manufacturer located in Tulare,
California. Land O’Lakes is a national, producer-owned food and
agricultural cooperative, with annual sales of over $7 billion. Saputo is
Canada’s largest dairy processor, with annual sales of approximately $4
billion.
TRANSACTION
HIGHLIGHTS
Kevin Jach, a managing director
and shareholder of Goldsmith Agio Helms, stated, “This transaction
enables both parties to make significant progress towards their
strategic objectives. The deal reflects Land O’
Lakes’ continued strategic focus on deploying its resources against
its core branded, value-added businesses. For Saputo, the addition of
CPI positions it to be an even stronger producer of mozzarella
and other Italian cheeses in
North
America. The milk supply agreement entered into by both sides as part
of the transaction is also very important and will ensure
continuity for both Land O’Lakes and Saputo. This sale represents
the 46th transaction completed by the Goldsmith Agio Helms
food team, and reinforces the firm’s strong position as a leading middle-market M&A
advisor in the food industry.”
"This sale represents a very important
strategic step for our Dairy
Foods
business, allowing for more focus on our branded, value-added marketing, while also
providing a secure long-term milk supply agreement for our members'
milk production," said Land O'Lakes President and Chief Executive Officer
Chris Policinski. "This transaction is consistent with our commitment
to generate value for members through branded, value-added marketing while maintaining an appropriate
investment in our manufacturing infrastructure."
David Iverson, a managing director of Goldsmith Agio
Helms, added, “CPI gives Saputo more scale and resources in
the industrial cheese business and greatly improves Saputo’s U.S.
position. Importantly, it also provides them with substantial operations located in the largest
milk shed in the nation.”
THE
SELLER
Land
O’Lakes (www.landolakes.com) is a national farmer-owned food and agricultural
cooperative, with sales of more that $7 billion. Land O'Lakes does business
in all 50 states and more than 50 countries. It is a leading marketer
of a full line of dairy-based consumer, foodservice and food
ingredient products across the U.S.; services its international customers with a
variety of food and animal food ingredients; and provides farmers
and local cooperatives with an extensive line of agricultural supplies
(feed, seed, plant food and crop protection products) and
services.
THE
COMPANY
Cheese
and Protein International, LLC
is a premier cheese manufacturer located in California’s Central
Valley that produces a variety of cheeses and related products
including mozzarella, provolone, curd, and whey. CPI also
processes cheeses including mozzarella, provolone, Muenster,
cheddar, and Monterey Jack into chunks, cubes and shreds.
Products produced at CPI are supplied to pizza restaurant chains,
foodservice distributors, wholesale clubs, and industrial users.
THE
BUYER
Always with an expert hand,
Saputo (www.saputo.com) transforms into
success the passion and initiative of the 9,100 dedicated men and
women who work in its 48 plants around the world. Combining
tradition and innovation, the Company produces, commercializes and
distributes the highest quality products under such well-known
brands as Saputo, Alexis de Portneuf, Armstrong, Baxter, Dairyland,
De Lucia, Dragone,
DuVillage de Warwick, Frigo, Kingsey, La Paulina,
Nutrilait, Princesse, Ricrem, Sir
Laurier d'Arthabaska, Stella, Treasure Cave, Big Daddy, HOP&GO!, Rondeau and Vachon.
As one of the top twenty dairy processors
in the world, the largest dairy processor in
Canada, among the top five cheese producers in the
United States, the third largest dairy processor
in Argentina and the largest snack-cake manufacturer in Canada,
Saputo renews its commitment to excellence and growth every day. Saputo
Inc. is a public company whose shares are
listed on the Toronto Stock Exchange under the symbol
SAP.
ABOUT
GOLDSMITH AGIO
HELMS
Goldsmith Agio
Helms (www.agio.com) is one of the nation's leading independent
investment banking firms providing sophisticated corporate finance advisory services to middle-market businesses. The firm's
services include mergers and acquisitions,
private placements of debt and equity, distressed advisory
and restructuring, and financial advisory and opinion services. The
firm operates internationally from its offices in Minneapolis, New
York, Chicago, Los Angeles, and
London.
If you would like more information about this transaction, contact Kevin Jach (kjach@agio.com) or
Dave Iverson (diverson@agio.com) at
612-339-0500.
Minneapolis • 225 South Sixth Street • 46th
Floor • Minneapolis, MN 55402 •
612 339 0500
New York •
11 West 42nd Street • 29th Floor • New York, NY 10036 • 212 758
8575
Chicago • 10 South
Wacker Drive • 33rd Floor • Chicago, IL
60606 • 312 928 0760
Los Angeles • 1999
Avenue of the Stars • 12th Floor • Los
Angeles, CA 90067 • 310 551
4111
London • 120 Old Broad Street •
5th Floor • London, England EC2N 1AR • 44 20
7763 2207
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