Saputo Inc. Completes the Acquisition of Morningstar Foods,

Saputo Inc. Completes the Acquisition of Morningstar Foods, LLC 
MONTREAL, QUEBEC -- (Marketwire) -- 01/03/13 -- Saputo Inc. (TSX:SAP)
completed today the transaction announced on December 3, 2012 and
acquired Morningstar Foods, LLC ("Morningstar"), a subsidiary of Dean
Foods Company. 
The purchase price of US$1.45 billion was financed through a
combination of US$250 million in available cash and a new bank loan
of US$1.2 billion.  
Morningstar produces a variety of dairy and non-dairy extended
shelf-life ("ESL") 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. These products are manufactured under
a wide array of private labels and owned brands, and are sold
nationwide through an internal sales force and independent brokers.
Morningstar serves the needs of retailers, national quick-serve
restaurant chains, grocery stores, mass merchandisers and
distributors across the United States. Morningstar has about CDN$1.6
billion in annual revenues, approximately 2,000 employees and
operates 10 manufacturing facilities located in nine states. 
The combined business will have approximately 12,000 employees, 57
manufacturing facilities in five countries and combined annual
revenues of approximately CDN$8.6 billion. 
The acquisition of Morningstar complements the activities of the
Saputo Dairy Products Division (USA). Through this acquisition,
Saputo Inc. ("Saputo") will benefit from Morningstar's national
manufacturing and distribution footprint and will optimize
coast-to-coast service. This transaction expands product offering to
customers in the United States and broadens the range of Saputo's
future acquisition opportunities. 
Rabo Securities USA, Inc. and Rothschild Inc. acted as the financial
advisors to Saputo, while Jones Day and Stikeman Elliott LLP acted as
legal counsel. National Bank of Canada and Bank of Montreal acted as
underwriters, co-lead arrangers and joint bookrunners for the new
bank loan. The lending syndicate is composed of the existing lenders
to Saputo. National Bank of Canada is also acting as Administrative
About Saputo 
Saputo produces, markets, and distributes a w
ide array of products of
the utmost quality, including cheese, fluid milk, yogurt, dairy
ingredients and snack-cakes. Saputo is the 12th largest dairy
processor in the world, the largest in Canada, the third largest in
Argentina and among the top three cheese producers in the United
States. Our products are sold in more than 50 countries under
well-known brand names such as Saputo, Alexis de Portneuf, Armstrong,
Baxter, Dairyland, Danscorella, Dragone, DuVillage 1860, Frigo Cheese
Heads, Great Midwest, King's Choice, Kingsey, La Paulina, Neilson,
Nutrilait, Ricrem, Salemville, Stella, Treasure Cave, hop & go,
Rondeau and Vachon. Saputo Inc. is a publicly traded company whose
shares are listed on the Toronto Stock Exchange under the symbol
Kristel Alexandra Salesse
Corporate Communications
514-328-3366 x2992
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