Glenboden M & A Originations
ALL "DAIRY PRODUCTS" LEADS
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Candidates to acquire Dairy Crest after dairies' disposal - With the CMA likely to approve the disposal of Dairy Crest's milk business in October, rumours have already started about a takeover of the group's continued operations thereafter. Certainly, the business will be well 'teed up' financially for a sale that maximises shareholder value, in H2 2016; with one stand-out potential acquirer. Read More
Emmi's shareholders should consider sale - Trentinalatte confirms that growth through acquisition is not something that the group is successful at. Would Emmi's shareholders consider a liquidity event that would make them a participant in European dairy consolida Read More
Who's next after Annie's in innovative foods M&A in the US ? - acquisition of Annie's clears the path for Groupe Danone, a main rival in dairy, to pay over-the-odds for another innovative food business in the US. A clear candidate is Lifeway Foods Read More
Candidates for Chobani minority share purchase - the company's now running out of steam. New capital alone won't provide a solution; what's needed is a strategic partner. We try to identify Read More
Is Bunge best placed to acquire St. Hubert from Dairy Crest ? - Dairy Crest' sole significant asset in continental Europe. St. Hubert is a stellar performer. Bunge is a strong Read More
Another low valuation in Mueller's bid for Robert Wiseman - Mueller is not an M&A 'animal', but the acquisition of Wiseman allows it to diversify its fresh dairy portfolio in the UK to resemble more its business in Read More
Will Skanemejerier become another bargain for Lactalis ? - that dairy group is an attractive asset, but we believe there's an element of opportunism. There's also a question mark over the status of ProViva Read More
Arla exit in Poland shows strength of local dairy co-operatives - The GM commented to Glenboden, that 'consolidation in Poland is a matter for the domestic dairy co-operatives to decide'. The sale by Arla of its dairy operation in Poland Read More
Is Mueller the right strategic partner for Pepsico in US dairy ? - we question whether Mueller provides a sustainable solution for Pepsico in US dairy, and examine whether the real prize lies elsewhere Read More
Rationale for Lactalis' acquisition of Parmalat - having made about 15 deals in the last five years. We look at the rationale for buying Parmalat, and assess whether the takeover could Read More
Is Pepsico wise to buy Wimm-Bill-Dann in Russia ? - why is Pepsico, with its DNA of high profitability, buying Wimm-Bill-Dann, Russia's largest dairy Read More
Does Emmi break its expansion deadlock by acquiring Onken ? - Emmi has the financial headroom to break its expansion deadlock outside Switzerland. But by acquiring Onken, they're still only inching Read More
Consolidation bites in German dairy with Arla - Hansano deal - Arla will take a big step forward in its five-year plan of 2008. We look at its M&A trajectory into Germany and beyond. Read More
What does Wimm-Bill-Dann acquisition say about Pepsico ? - the group has entered the dairy sector, at a time when other food giants are avoiding it. Plus Read More
Lactalis or Asian group could acquire Yoplait - it looks like a strong legacy brand for which the highest bids might come from Lactalis and from determined shoppers from Read More
Is Mueller planning to acquire Dairy Crest ? - in its domestic market Mueller is just as diversified as Dairy Crest, and even bigger. So why not replicate that in the UK, the group's no.2 market ? Read More
Public capital could spur consolidation in Polish dairy sector - For years, insiders have pointed to the 'Irish model' of dairy consolidation, whereby the process is spurred by public listings. Is that about to start in Poland ? Read More
Potential buyers for Yoplait in fresh dairy - full value would only be achieved if PAI's partner, Sodiaal, also sells its 50%. We look at specific candidates, in Europe and from Read More
Glanbia sets a precedent for public -to -co-operative deals - deal sets a precedent for other European food groups, in a similar situation to Glanbia; we pick out Read More
Will anyone buy Ebro Puleva's dairy business in Spain ? - Maybe Lactalis or Parmalat will come through in the end, but the price will need to be Read More
Arla should merge Swiss dairy champion Emmi - the case is strengthening for Emmi, the Swiss cheese ambassador, to become absorbed into Read More
Bongrain-Sodiaal tipped to consolidate and split Entremont dairy - This will be a positive step to consolidating the French cheese sector. We believe that Bongrain-Sodiaal will be the winner; Lactalis provoking too much opposition and overlap. Read More
Bongrain cheese group ripe for a public to private transaction - Bongrain is the only major European cheese producer that’s also a public company. It's ripe to be taken private, by the founding Bongrain family, who still control the group Read More
Swiss dairy champion Emmi is an acquisition candidate in denial - Emmi will be at the receiving end of the consolidation process, because it lacks the scale and financial muscle of its bigger peers in Europe. Read More
Dairy Crest exit from JV in UK sets up Yoplait for sale - Dairy Crest’s announcement to sell its 49% stake in YDC in the UK, back to Yoplait, suggests the latter is being readied for PAI’s exit from that investment. Read More
Acquisition options for Arla dairy in selected European geographies - many significant cheese and butter producers in sale condition now, in northern Europe. We look at some other candidates for Arla in selected geographies. Read More
Synnove offers route into Norwegian dairy after improved results - Synnove's finally turned itself around. Its public shareholders might welcome a bid from the likes of Arla, Campina Friesland or Lactalis. Read More
Lifeway and Galaxy deals in US say acquire in growth categories during the downturn - This deal should set Lifeway up for accelerated growth, and mainstream retail presence, when the economic recovery arrives. Read More
Sigma stands out as attractive cheese acquisition for Lactalis in Mexico - The sale of Sigma would allow Alfa to focus on core businesses which require investment. The timing might also be good for Lactalis to make a bid. Read More
Timing for acquiring the Ukrainian branded dairy leader Ukrproduct - major Euro –zone dairy groups, notably the newly –merged Friesland Campina and the Scandinavian champion Arla, are well placed to make such an acquisition in 2009. Read More
Acquisition options for Arla dairy in Germany and Poland under new strategy - Expect Arla to make a significant acquisition or merger in Germany and/or Poland in the near future. We look closer at the group’s rationale, as well as identifying some potential candidates in those geographies. Read More
Neilson Dairy acquisition in Canada provides instructive valuation benchmark - Canada is providing transparent and consistent valuation benchmarks. Expect more acquisitions by Canadian groups, at home and abroad, into 2009. Read More
Yoplait chilled dairy ready for sale after Senoble and Dairy Farmers precedents - With the acquisition of Dairy Farmers by Kirin Holdings in Australia, a clear precedent has been set; it encourages PAI to seek a similar exit route from Yoplait, which it's held for six years. Read More
Croatian conglomerate Agrokor will need to divest foods businesses to fuel retail expansion - with its appetite for ever –bigger retail acquisitions, plus a stretched balance sheet, there’s pressure for Agrokor to make foods divestments, with its mineral water, ice-cream and margarine businesses being the mos Read More
Kirin confirms its international M&A surge with Dairy Farmers acquisition - This outcome underlines Kirin’s status as a serial acquirer of non –beer businesses outside its native Japan. We look at other candidates for them going forward. Read More
New Hope emerging as an acquisition candidate as China's dairy industry consolidates - There will be plenty of M&A opportunities amongst smaller, independent, value –added producers, when China begins to open up to foreign strategic acquirors; New Hope is a good example of that. Read More
Swiss dairy champion Emmi emerging as acquisition candidate - The dairy industry is notoriously fragmented, so there are many acquisition candidates at all levels, but Emmi of Switzerland is emerging as a very attractive premium producer with a strong authenticity story. Read More
Fonterra best placed to win Dairy Farmers tender and set a precedent - If Fonterra wins, then we’ll have the very interesting precedent of a major dairy co-op actually acquiring another one, rather than just performing a cashless merger. Read More
Leitbom deal exemplifies how global dairy M&A has gathered pace - The dairy industry is very fragmented, so acquisition candidates are far too numerous to single out any tips. What’s important is to understand the timing issues, as well as the criteria for identifying likely sellers. Read More
Senoble buy –back discourages private equity from minorities in private dairy businesses - Private equity should be careful about taking minority stakes in very cautious family businesses. Senoble has potentially been released to make acquisitions that have a more long-term perspective. Read More
Friesland and Campina to be test case in viability of dairy co-operative mergers - Mergers of dairy co-operatives are very problematic; there's the obstacle of agreeing a valuation parity between the two unit holder groups, in a situation where there is no liquidity event. Read More
Unilever and Nestle talk health but acquire ice cream in BRIC countries - Margins in the ice cream category are high, on top of which you have high growth and a premiumisation trend in Russia. Anticipate further ice cream acquisitions by these groups in other BRIC countries. Read More
Recent deals point to Bulgaria as an attractive platform for Balkans expansion - One can expect investments in Bulgaria to become platforms for serving the whole Balkan region. One can also anticipate that bigger European groups will make more acquisitions in that country in future. Read More
Bel makes breakthrough into fresh cheese with Boursin acquisition - The high price paid puts pressure on Bel to create a strong European fresh cheese business, on the basis of the Boursin platform; that might require add-on acquisitions of local brands in certain geographies. Read More
Legacy Norwegian dairy brand Synnove is in play after private equity bid - With Synnove recovering now as a slimmed –down entity, the time was seen as right by Scandza to make a bid for the company. There may be other bidders in the works, over time. Read More
Who is most likely to acquire Boursin from Unilever ? - Although much smaller than the big French cheese groups, and historically focused on the UK market, Dairy Crest has a proven strategy of expansion into continental Europe. It's also prepared to pay a full price for a str Read More
Private equity player finds hidden value in minor Romanian dairy - This deal reminds us that dairy is a reliable if not stellar sector for private equity to invest in. Read More
Bel unveils it’s acquisition drive in eastern Europe with Shostka buy - Bel is the smallest of the big three French cheese groups, but has been just as aggressive as the others in acquisitions in emerging Europe. Expect more deals from them in that region. Read More
Lactalis latest buy in Croatian highlights its acquisition push in chilled dairy across Europe - Lactalis has achieved two spectacular acquisitions since 2005 in western Europe. The group is now continuing its M&A momentum with a string of smaller deals in central and eastern Europe. Read More
Croatian dairy teed up for sale after divesting soft drinks business - It might be that this deal was motivated by the need to present Lura as a pure-play dairy business, to a major strategic dairy buyer. Candidates include Lactalis. Read More
Dairy Crest makes breakthrough into European branded with St. Hubert buy - Once Dairy Crest had taken the decision to expand ‘onto the Continent’, the rationale for acquiring St. Hubert was very compelling. Expect more cheese divestments by Dairy Crest to come, as well as acquisitions of ot Read More
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