French yogurt company Yoplait has announced the acquisition of Quebec-based yogurt company Liberte.
The Quebec dairy product company, which posted $175 million in sales in 2009, has been owned by the U.S-based Swander Pace Capital private equity firm since 2003. It sells 90% of its products to the Canadian market and also exports to the U.S.
Financial details of the sale haven’t been released but Yoplait apparently won’t be cutting staff at the newly acquired company.
“Everyone here will stay,” said Liberte marketing director Frederique Delagrave. The company currently has some 560 employees, half of whom work in Quebec.
In a statement Wednesday, Yoplait said the acquisition was part of its international growth strategy.
“Fresh dairy products will have sustained growth, especially outside Europe and in new market segments, and we intend to position Yoplait accordingly,” said Yoplait president Lucien Fa.
Liberte, which has its head office in the Montreal region, is one of the leading Canadian producers and distributors of natural and organic yogurts. It also processes organic milk and goat milk in Quebec.
Yoplait is the world’s biggest yogurt producer after Danone. French private equity firm PAI recently announced it would sell its 50% stake in the company.
Source: Toronto Sun