DENVER, Colorado (April 28, 2023) – Leprino Foods Company, the world’s largest manufacturer of mozzarella cheese and a leading supplier of dairy ingredients, announced it has acquired 100% ownership of Glanbia Cheese from its joint venture partner, Glanbia plc. The full ownership stake is effective immediately and, following a transition period post-completion, the Glanbia Cheese business will be renamed Leprino Foods UK Limited and Leprino Foods EU Limited.
Leprino Foods and Glanbia plc began the Glanbia Cheese joint venture in 2000 and the business has become a market-leading European mozzarella business with over 500 employees. There are two manufacturing facilities in the UK – Llangefni in Wales and Magheralin in Northern Ireland – as well as a corporate office in Northwich, England. A third manufacturing facility is located in Portlaoise, Ireland.
“With its distinction of being the leading mozzarella manufacturer in Europe, we are proud of the business that we helped build over the past two decades,” Leprino Foods President and Chief Executive Officer, Mike Durkin, said. “With this acquisition now completed, we are extremely excited about the potential to take advantage of our combined expertise, knowledge and strengths to further enhance and expand our international presence by providing access to key markets across the globe.”
Durkin noted that the current leadership team, led by Chief Executive Paul Vernon, will continue to run the day-to-day business.
The transaction included a cash payment of €178.9 million (comprising consideration of €114.0 million and repayment of €64.9 million of shareholder loans), with further contingent consideration of up to €25 million dependent on the performance of the business over the next three years. Oppenheimer & Co. Inc. acted as exclusive financial advisor to Leprino Foods Company.
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Leprino Foods Company
About Leprino Foods Company
Leprino Foods Company, headquartered in Denver, Colorado, is a world leader in the production of premium-quality dairy food and ingredients. The largest producer of mozzarella cheese in the world, Leprino Foods is also a leading supplier of lactose, whey protein and sweet whey. Leprino Foods employs more than 5,000 people worldwide and has global sales in over 55 countries. The company’s expanding international presence provides access to key markets across the globe. For more information, please visit www.leprinofoods.com.