Emmi is to sell Gläserne Molkerei, a Germany-based regional organic dairy producer, to Munich-headquartered private-equity firm Mutares.
Financial details of the deal were not disclosed.
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The company said the transaction is part of its efforts to focus on “profitable strategic markets and niches” such as ready-to-drink coffee, “speciality cheese”, chilled desserts and plant-based dairy alternatives.
Gläserne Molkerei generated sales of around €100m ($108.6m) and had over 120 employees in 2022, according to Emmi. The German company’s portfolio includes brands such as Pur Joghurt and Kesselmeister.
“The new ownership structure creates sustainable future prospects for the Gläserne Molkerei with its high-quality range of organic dairy products and enables Emmi to continue to implement its strategy of focus”, Emmi CEO Ricarda Demarmels said.
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The group first invested in Gläserne Molkerei in 2012 and acquired the business outright four years later.
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By GlobalDataIn its statement announcing the sale, Emmi described Mutares as “a company specialising in turnaround situations” with a “track record of putting companies back on the road to success, both operationally and strategically”.
The sale will result in a financial loss of around SFr38m ($42m) in EBIT and around SFr30m in net profit for Emmi in its 2023 financial year.
Pascal Boll, an analyst covering Emmi for investment bank Stifel, said the disposal “comes as no surprise”.
He added: “The financial troubles of Gläserne Molkerei were well-known. Aside from the negative one-off impact, the sale is positive as it will eliminate a negative profit impact in the future.”
Emmi’s recent moves to expand its operations include plans for a new spray-drying facility for the production of goat’s milk powder in the Netherlands.
In December, the Kaltbach owner merged two US goat’s milk companies to form a new entity, Darey Brands.
Last year, Emmi sold its 25% stake in Italian cheese maker Ambrosi to French peer Lactalis.
