The French dairy group Lactalis has finalised an agreement with the UK-based private equity company BC Partners to acquire Italian food producer Galbani.

BC Partners had acquired the Milan-based company for a total consideration of EUR1.02bn (US$1.23bn), including a substantial amount of debt, through a leveraged buyout in 2002.

Galbani has an annual turnover EUR1.3bn, producing the Santa Lucia, Galbanino and Vallelata cheese brands, as well as salami.