Glanbia completes sale of mozzarella joint ventures to Leprino Foods
Image: Glanbia
Glanbia has confirmed the completion of the sale of its shareholdings in Glanbia Cheese, a leading mozzarella maker in Europe comprising Glanbia Cheese EU and Glanbia Cheese, to Leprino Foods Company. Transaction proceeds of €178.9 million (comprising consideration of €114 million and repayment of €64.9 million of shareholder loans) have been received in cash, with further contingent consideration of up to €25 million, dependant on the performance of Glanbia Cheese over the next three years.
Following a transition period post-completion, the Glanbia Cheese business will be renamed Leprino Foods UK Limited and Leprino Foods EU Limited.
In the 2022 financial year the group’s shareholding in Glanbia Cheese represented a gross asset value of €52.8 million and contributed profit before tax of €9.5 million (including shareholder loan interest income) for the group.