Glanbia plc, a renowned better nutrition company, has successfully sold its stake in Glanbia Cheese, a prominent mozzarella maker in Europe, to Leprino Foods Company. This comprises Glanbia Cheese EU Limited and Glanbia Cheese Limited, both collectively known as Glanbia Cheese. The transaction resulted in proceeds of €178.9 million, with a possible additional €25.0 million contingent consideration, based on the performance of Glanbia Cheese over the next three years. This will be subject to customary post-completion cash and working capital adjustments. Glanbia Plc intends to use the proceeds for general corporate purposes.
Upon completion, Glanbia Cheese’s name will change to Leprino Foods UK Limited and Leprino Foods EU Limited. With its headquarters in Denver, Colorado, Leprino Foods is a world leader in producing premium-quality dairy food and ingredients. In addition to being the largest producer of mozzarella cheese in the world, they are also a significant supplier of lactose, whey protein, and sweet whey.
Glanbia Cheese has three manufacturing facilities situated in Llangefni in Wales, Magheralin in Northern Ireland, and Portlaoise, Ireland. Its existing team, led by CEO Paul Vernon and his senior management team, will continue to manage the business, ensuring no disruption in daily operations.
Post-completion, Glanbia Plc will maintain its focus on its ‘better nutrition’ approach and concentrate on providing consumer health and wellness through its consumer brands and ingredient solutions business.
