The transaction included a cash payment of €178.9 million (comprising consideration of €114.0 million and repayment of €64.9 million of shareholder loans), with further contingent consideration of up to €25 million dependent on the performance of the business over the next three years.
Leprino Foods and Glanbia plc began the Glanbia Cheese joint venture in 2000 and the business has become a market-leading European mozzarella business with over 500 employees. There are two manufacturing facilities in the UK – Llangefni in Wales and Magheralin in Northern Ireland – as well as a corporate office in Northwich, England. A third manufacturing facility is located in Portlaoise, Ireland.
DWF's Corporate team advised Leprino Foods on the acquisition, led by London partner Paddy Eaton, alongside director Nick Crisp, senior associate Sophie Morris and associate Laurie Clay. The project involved DWF colleagues from across the UK and the Republic of Ireland, including James Morrison (Corporate, NI), Ben Cooke (Commercial), Jon Stevens (Tax), Nick Dent, Dermot Casserly and Melissa Willrich (Employment), Marcus Fink (Pensions), David Egan (Environmental), Hilary Ross and Dominic Watkins (Regulatory), Shervin Nahid (Data Protection), Mark Shephard and Jonathan O'Hagan (Real Estate).
Paddy Eaton said: "We are delighted to have assisted Leprino Foods in beginning this new chapter of European growth. This exciting cross-border deal is a great example of the co-ordinated support DWF provides our clients across our international platform."
“With its distinction of being the leading mozzarella manufacturer in Europe, we are proud of the business that we helped build over the past two decades,” Leprino Foods President and Chief Executive Officer, Mike Durkin, said. “With this acquisition now completed, we are extremely excited about the potential to take advantage of our combined expertise, knowledge and strengths to further enhance and expand our international presence by providing access to key markets across the globe.”
