Saputo Inc. (“we”, “Saputo” or “the Company”) (TSX: SAP) announces today that it has entered into an agreement to acquire the activities of Wensleydale Dairy Products Limited (“Wensleydale Dairy Products”).

The business, which will join Saputo’s Dairy Division (UK) under its Europe Sector, operates two facilities located in North Yorkshire and employs approximately 210 people.

The purchase price of GBP 23 million (approximately CDN$39 million), on a cash-free and debt-free basis, will be paid in cash at closing.

Wensleydale Dairy Products manufactures, blends, markets, and distributes a variety of specialty and regional cheeses, including Yorkshire Wensleydale cheese, which will complement and broaden the Company’s existing range of British cheeses, including Cathedral City and Davidstow cheddars. The business sources its milk from 40 local farms and uses its own unique cheesemaking starter cultures. With this strategic acquisition, Saputo is pleased to add another leading and prominent UK cheese brand to its portfolio. Wensleydale Dairy Products’ range of cheeses is also exported around the world.

“Wensleydale Dairy Products is home to an immense amount of passion, care, and tradition,” said Lino A. Saputo, Chair of the Board and Chief Executive Officer, Saputo Inc. “Not only is it a well-established British business with high-quality products and award-winning cheeses, but our corporate cultures are well-aligned, and I’m delighted to welcome the entire team into the Saputo family.”

Subject to UK regulatory requirements, the transaction is expected to close in the second half of July 2021.