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Italian Parmalat acquires two U.S. dairy companies

Enterprise value of acquired business set at about $130 million.

Italian company Parmalat S.p.A. announced this week that its LAG Holding Inc. subsidiary has acquired two dairy companies operating in the U.S. dairy sector. The enterprise value of the acquired business was set at about $130 million, and the acquisition has been entirely financed with internal resources.

“With this transaction, the Parmalat Group acquires an important business active in the ethnic specialties segment in the United States, increasing its current portfolio of gourmet cheeses and entering the yogurt market,” the company said.

The acquisition includes a production facility in Turlock, California and two companies with approximately 140 employees. The brand portfolio includes, among the main trademarks, the Karoun, Gopi and Blue Isle brands. In 2016, the two companies had net revenue of about $55 million.

TAGS: Business
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