Swiss dairy firm Emmi has divested Gläserne Molkerei, a German-based company specialising in the production of regional organic dairy products, to Mutares.
Completion of the deal is subject to approval by the responsible competition authorities, the company added. The parties have agreed not to disclose the purchase price.
Emmi said the transaction is consistent with the group’s ongoing portfolio transformation and focuses on profitable strategic markets and niches, such as ready-to-drink coffee, speciality cheeses, premium chilled desserts and plant-based dairy alternatives.
Gläserne Molkerei generated sales of around €100 million with over 120 employees in 2022.
Mutares
Mutares is a listed private equity holding company that acquires medium-sized companies based in Europe that are in special situations and show significant operational improvement potential. They are sold again after a repositioning and stabilisation process.
“The new ownership structure creates sustainable future prospects for the Gläserne Molkerei with its high-quality range of organic dairy products and enables Emmi to continue to implement its strategy of focus,” said Ricarda Demarmels, CEO of the Emmi Group.
Emmi said the sale will result in a one-off loss for the firm of around CHF 38 million (€38.9 million) at EBIT level and around CHF 30 million (€30.7 million) at net profit level in its financial year 2023.
‘Goodwill Recycling’
The company said a significant part of this loss is due to the ‘goodwill recycling’ principle required by Swiss GAAP FER, by which the goodwill offset against equity at the time of acquisition must be taken into account when determining the profit from the sale.
The negative cash impact of the transaction amounts to around CHF 10 million (€10.2 million).
