Dairy group National Foods (Nat Foods) moved today [Friday] to complete its buyout of cheese and gourmet food group King Island Company after gaining a 93% stake in the firm.

Nat Foods launched the takeover bid last November. The deal valued King Island at A$92m (US$47.58m) and offered shareholders A$3.25 a share.

Nat Foods MD Max Ould welcomed the deal, which he said would offer Nat Foods a specialist distribution network across Australia and increased market access to delicatessens and speciality food outlets: “The very strong, premium boutique brands that this acquisition brings to National foods will provide a solid platform for further growth in the high value added sector of the cheese market, where we do not currently have a presence.

“King Island’s brands and its specialist product range are highly complementary to our national brands and mainstream products in the milk and dairy foods sectors,” he added.

Nat Foods, Australia’s only listed dairy manufacturer, saw its shares close up 1.3% at A$3.04, outrunning the broader market, which closed up by just 0.3%.