Cheese giant Saputo has purchased a prominent specialty cheese maker in Quebec along with its distribution business for $54 million.
Saputo (TSX:SAP) said Friday it will buy the cheese production business of privately held Fromage CÃ´tÃ© S.A. and the related Distributions Kingsey Inc.
Fromage CÃ´tÃ© makes cheddar, cheddar curds, Swiss, and other specialty cheeses sold under the brand names Kingsey, Princesse, Sir Laurier d'Arthabaska and Du Village de Warwick.
It has annual revenues of $110 million, with facilities in Warwick, Plessisville, Victoriaville, and Boucherville, Que.
The 400 employees at Fromage CÃ´tÃ© and Distributions Kingsey will join the 7,500 who already work at Saputo.
Saputo shares were up 54 cents to $37.98 in afternoon trading Friday.