Bute Island Foods acquired by Canada-based Saputo
Alternative dairy products are growing
Bute Island Foods, which makes vegan cheese alternative Sheese, has been acquired by Canadian dairy company Saputo whose labels include Cathedral City, Country Life, and Utterly Butterly.
Saputo, which is listed on the Toronto Stock Exchange, paid £109 million to buy both Bute Island Foods and a factory owned by Wisconsin Specialty Protein in Reedsburg.
The deal is regarded as an indication of growing interest in the vegan food category.
Bute Island Foods, founded in 1988, sells its plant-based cheese alternatives online, through independent retailers and via major supermarket groups including Sainsbury’s and Waitrose.
The new owner has pledged £2.9 million over five years to support community initiatives on the island as part of its wider commitment to invest 1% of its pre-tax profits each year in community programmes and organisations.
Saputo acquired Cathedral City and Clover owner Dairy Crest in 2019 for £975m.