Cases & Deals

Saputo acquires dairy and non-dairy extended shelf-life producer Morningstar Foods from Dean Foods Company for $1.45 billion

Clients Saputo, Inc.

Jones Day advised Saputo, Inc. in its acquisition of Morningstar Foods, LLC, a wholly-owned subsidiary of Dean Foods Company, for $1.45 billion. Jones Day also assisted Saputo with its $1.2 billion acquisition financing consisting of a term loan with both Canadian and U.S. tranches. Morningstar produces a variety of dairy and non-dairy extended shelf-life products, including creams and creamers, ice cream mixes, whipping cream, aerosol whipped toppings, iced coffee, half and half, value-added milks, as well as cultured products such as sour cream and cottage cheese.

In addition to M&A representation, Jones Day provided antitrust, banking, intellectual property, regulatory, environmental, tax, employee benefits, and labor advice regarding this transaction.