PAI-backed Yoplait buys Dairy Crest's share of venture

PAI partners' portfolio company Yoplait has bought Dairy Crest's 49% stake in their joint venture Yoplait Dairy Crest for £63.5m to claim 100% of the company. The sale, which will be used to service Dairy Crest's debt, equates to a £50m profit for the UK-based food company.

Yoplait, founded in 1964, is the second largest dairy products manufacturer worldwide, and owns brands such as Petit Filous and Yop. The company is owned by Sodiaal and PAI partners, who took a 50% share in the company in 2002. The joint venture between Yoplait and Dairy Crest, established in 1991, allowed the latter company the exclusive distribution of Yoplait's dairy products in the UK.

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