US: Emmi eyes US growth with Cypress Grove Chèvre buy
Emmi said it plans to continue its growth in the US cheese market
Swiss dairy giant Emmi has acquired California-based Cypress Grove Chèvre in a bid to strengthen its position in the US cheese market.
The firm said yesterday (19 August) that it has also increased its minority stake in CASP (Contract Aseptic & Specialty Packaging) in Penn Yan, New York, to 100%.
CASP specialises in contract manufacturing of aseptic milk products and forms an important pillar in Emmi's fresh products business in the US.
Emmi said it plans to continue its growth, focusing in particular on the Italian, German, Austrian, UK and US markets, and that the acquisition of Cypress Grove is an "important step in this direction".
Based in Arcata, California, Cypress Grove Chèvre is a US manufacturer of ripened goat's cheese specialties in the premium segment.
Urs Riedener, CEO of Emmi, said: "Cypress Grove Chèvre's premium cheese specialties will be an ideal complement to our US product range. The expanded product line will allow us to strengthen our position in our largest foreign market, the US."
Emmi will finance the acquisition and the complete takeover of CASP using current funds and credit lines.
No financial details of either deal have been disclosed.
As we headed into September, there was uncertainty about the prospects for M&A activity, with analysts at KPMG suggesting the value of deals in the food, drink and consumer goods space in the second q...
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