March 28/Montreal/News Bites Canadian Markets -- Saputo Inc. completed the transaction announced on February 17, 2011, and acquired Fairmount Cheese Holdings Inc., the parent company of DCI Cheese Company Inc. (DCI).

The purchase price of US$270.5 million on a debt-free basis was paid in cash from liquidity and by drawing on available lines of credit.

DCI employs approximately 475 employees and is one of the largest specialty cheese marketers in the United States. DCI sells and distributes specialty cheese from the cut and wrap facility located in Green Bay, Wis., and from the Carlstadt, N.J. distribution center. DCI holds an important portfolio of import licenses for specialty cheese manufactured abroad and also manufactures and sells in the retail market other products such as spreads, salsa, hummus and dips from the Santa Rosa, Cal., facility.

For the year ended December 31, 2010, DCI reported sales of about US$460 million, EBITDA of approximately US$34 million and sales volumes of about 160 million pounds.

The acquisition complements the activities of Saputo Dairy Products Division (USA) and will increase its presence in the specialty cheese category in the United States.

From the April 4, 2011, Prepared Foods E-dition