Glanbia completes sale of mozzarella joint ventures to partner Leprino Foods
Glanbia plc, the better nutrition company, has completed the sale of its shareholdings in Glanbia Cheese, a leading mozzarella maker in Europe comprising Glanbia Cheese EU Limited and Glanbia Cheese Limited (collectively Glanbia Cheese), to Leprino Foods Company.
Transaction proceeds of €178.9 million (comprising consideration of €114.0 million and repayment of €64.9 million of shareholder loans) have been received in cash, with further contingent consideration of up to €25.0 million, dependent on the performance of Glanbia Cheese over the next three years. The transaction will be subject to customary post completion cash and working capital adjustments. The proceeds of the transaction will be used by Glanbia plc for general corporate purposes.
Following a transition period post-completion, the Glanbia Cheese business will be renamed Leprino Foods UK Limited and Leprino Foods EU Limited.
Headquartered in Denver, Colorado, Leprino Foods is a world leader in the production of premium-quality dairy food and ingredients. The largest producer of mozzarella cheese in the world, Leprino Foods is also a leading supplier of lactose, whey protein and sweet whey.
Glanbia Cheese has three manufacturing facilities – Llangefni in Wales, Magheralin in Northern Ireland and Portlaoise, Ireland. The existing team will continue to manage the business, led by CEO Paul Vernon and his senior management team, with no disruption to day-to-day operations.
Post completion, Glanbia plc will continue to focus on its better nutrition strategy serving consumer health and wellness categories through its consumer brands and ingredient solutions business.
