Montreal-based Saputo Inc. says it has entered into an agreement to purchase Ontario’s Shepherd Gourmet Dairy for $100 million.
Shepherd Gourmet Dairy employs approximately 90 people at its manufacturing facility located in St. Marys, Ontario.
Saputo says the purchase price of $100 million will be paid in cash and from available credit.
Shepherd Gourmet makes a variety of specialty cheeses, yogurt, as well as Skyr Icelandic-style yogurt in Canada.
In the year ending on April 30, 2018, Shepherd Gourmet generated revenues of approximately $57 million.
The transaction is subject to customary conditions and is expected to close in June.
Saputo is one of the top ten dairy processors in the world.