Goldsmith Agio Helms Announces The Sale Of Cheese And Protein International, LLC, A Subsidiary Of Land O'Lakes, Inc., To Saputo Inc.

Minneapolis, MN - Goldsmith Agio Helmsannounced the completed sale of the assets of Cheese and Protein International, LLC ("CPI" or the "Company"), a wholly owned subsidiary of Land O' Lakes, Inc. to Saputo Inc for $216M. Goldsmith Agio Helms represented Land O' Lakes in the transaction. CPI is a premier cheese manufacturer located in Tulare, California. Land O'Lakes is a national, producer-owned food and agricultural cooperative, with annual sales of over $7B. Saputo is Canada's largest dairy processor, with annual sales of approximately $4B.

HIGHLIGHTS FROM THE TRANSACTION

Kevin Jach, a managing director and shareholder of Goldsmith Agio Helms, stated, "This transaction enables both parties to make significant progress towards their strategic objectives. The deal reflects Land O' Lakes' continued strategic focus on deploying its resources against its core branded, value-added businesses. For Saputo, the addition of CPI positions it to be an even stronger producer of mozzarella and other Italian cheeses in North America. The milk supply agreement entered into by both sides as part of the transaction is also very important and will ensure continuity for both Land O'Lakes and Saputo. This sale represents the 46th transaction completed by the Goldsmith Agio Helms food team, and reinforces the firm's strong position as a leading middle-market M&A advisor in the food industry."

"This sale represents a very important strategic step for our Dairy Foods business, allowing for more focus on our branded, value-added marketing, while also providing a secure long-term milk supply agreement for our members' milk production," said Land O'Lakes President and Chief Executive Officer Chris Policinski. "This transaction is consistent with our commitment to generate value for members through branded, value-added marketing while maintaining an appropriate investment in our manufacturing infrastructure."

David Iverson, a managing director of Goldsmith Agio Helms, added, "CPI gives Saputo more scale and resources in the industrial cheese business and greatly improves Saputo's U.S. position. Importantly, it also provides them with substantial operations located in the largest milk shed in the nation."

THE SELLER

Land O'Lakes (www.landolakes.com) is a national farmer-owned food and agricultural cooperative, with sales of more that $7 billion. Land O'Lakes does business in all 50 states and more than 50 countries. It is a leading marketer of a full line of dairy-based consumer, foodservice and food ingredient products across the U.S.; services its international customers with a variety of food and animal food ingredients; and provides farmers and local cooperatives with an extensive line of agricultural supplies (feed, seed, plant food and crop protection products) and services.

THE COMPANY

Cheese and Protein International, LLC is a premier cheese manufacturer located in California's Central Valley that produces a variety of cheeses and related products including mozzarella, provolone, curd, and whey. CPI also processes cheeses including mozzarella, provolone, Muenster, cheddar, and Monterey Jack into chunks, cubes and shreds. Products produced at CPI are supplied to pizza restaurant chains, foodservice distributors, wholesale clubs, and industrial users.

THE BUYER

Always with an expert hand, Saputo (www.saputo.com) transforms into success the passion and initiative of the 9,100 dedicated men and women who work in its 48 plants around the world. Combining tradition and innovation, the Company produces, commercializes and distributes the highest quality products under such well-known brands as Saputo, Alexis de Portneuf, Armstrong, Baxter, Dairyland, De Lucia, Dragone, DuVillage de Warwick, Frigo, Kingsey, La Paulina, Nutrilait, Princesse, Ricrem, Sir Laurier d'Arthabaska, Stella, Treasure Cave, Big Daddy, HOP&GO!, Rondeau and Vachon. As one of the top twenty dairy processors in the world, the largest dairy processor in Canada, among the top five cheese producers in the United States, the third largest dairy processor in Argentina and the largest snack-cake manufacturer in Canada, Saputo renews its commitment to excellence and growth every day. Saputo Inc. is a public company whose shares are listed on the Toronto Stock Exchange under the symbol SAP.

SOURCE: Goldsmith Agio Helms