CDPQ boosts stake in Saputo with US$378M investment

CANADA – CDPQ, a global investment group, has announced an additional investment of approximately US$378 million in Saputo, increasing its stake in the Canadian dairy processor to about 4.5%. 

This investment follows the acquisition of 13.5 million shares at a price of US$27.96 Canadian per share. 

CDPQ’s relationship with Saputo dates back to 1997, reflecting a long-term commitment to supporting the company.

Founded in Montréal in 1954, Saputo is now among the world’s top ten dairy processors, producing and distributing a wide range of dairy products across Canada, Australia, and Argentina, among other countries. 

“This investment aligns with our strategy to foster the emergence of North American and international champions while generating benefits for Québec,” Kim Thomassin, executive vice president and Head of Québec at CDPQ, said.

This investment comes on the heels of recent leadership changes at Saputo Inc. Carl Colizza took over as president and CEO on August 9, and the company later appointed four new C-suite executives to support his leadership. 

These include Frank Guido as chief operating officer, Leanne Cutts as chief commercial officer, Dominick Bombino as president and COO of Saputo USA, and Steve Douglas as president and COO of Saputo UK.

Colizza, who joined Saputo in 1998, expressed his honor in leading the company with the support of Lino A. 

Saputo, the former CEO who has transitioned to executive chair of the board. He emphasized the importance of continuing the company’s growth and innovation strategies.

Guido’s role as COO will involve overseeing operations in North America, Europe, and internationally, while Cutts will focus on driving the commercial strategy and sales development across global markets. 

Bombino, who has spent over 25 years with Saputo, has been promoted to lead Saputo USA, while Douglas, with over 30 years of experience, will head Saputo UK.

Additionally, Tom Atherton, the current president and COO of Saputo UK, will leave the company at the end of 2024 to pursue other opportunities, ensuring a smooth transition for Douglas. 

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