Swiss milk processor Emmi sells stake in Spanish goat’s cheese manufacturer Lácteos Caprinos

SPAIN – Emmi Group, a leading swiss milk processor, has announced the sale of its 80% stake in Spanish goat’s cheese manufacturer Lácteos Caprinos to Lácteas García Baquero.

Lácteos Caprinos which was founded 18 years ago specialises in the production of goat milk products such as curd and cheese.

Emmi acquired its 80% stake in Lácteos Caprinos back in 2016 from its two owners, Pedro Mantilla and Francisco Sainz.

According to a statement by the Swiss dairy group, it’s now sold Spanish subsidiary generated annual revenues of around €10 million (about US$12.26 million).

The new owner, Lácteas García Baquero S.A., has a long history and extensive expertise in the cheese business and a complementary product portfolio and distribution network.

As part of the transaction, all facility’s 40 full time employees will be taken over and the business will continue under the Lácteos Caprinos brand.

The deal, which was made for an undisclosed sum, will see Spanish company Lácteas García Baquero take over operations at the facility which has 40-full time employees.

 Emmi says its move forms part of its focus on a growth and margin delivering international business, with the decision based on adjustments to its Europe-wide goat’s milk procurement strategy.

However, the Swiss company highlights that the consistent expansion of goat’s milk products remains strategically important.

In August, Emmi increased its stake in Dutch goat’s milk processor Bettinehoeve to 90%, while last year, it acquired a 66% stake in Austrian milk processor Leeb Biomilch.

The recent sale will result in a one-off charge of around CHF 15 million (US$16.95 million) to EBIT in the 2020 financial year for Emmi.

Earlier, in November, the Swiss dairy processor, acquired Indulge Desserts from New York-based AUA Private Equity Partners.

The acquisition allows Emmi to strengthen its subsidiary Emmi Dessert Italia and establish a presence in the United States.

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