GTCR Completes the Sale of Fairmount Cheese
Holdings to Saputo
March 25, 2011 03:30 PM Eastern Daylight Time
CHICAGO--(EON: Enhanced Online News)--GTCR, a leading private equity firm, announced today it has
completed the previously announced sale of Fairmount Cheese Holdings Inc. (“Fairmount”), parent company of DCI
Cheese Company Inc. (“DCI”), to Saputo Inc. (“Saputo”) for $270.5 million. Fairmount is one of the largest
national suppliers of specialty cheese, dips and spreads to the retail and foodservice channels of the food industry.
Headquartered in Deerfield, Illinois, with additional facilities in Wisconsin, New Jersey and California, Fairmount
sells more than 160 million pounds and 100 types of cheese, including its own portfolio of owned and exclusive
GTCR founded Fairmount in 2003 to acquire and consolidate companies in the high-growth, highly fragmented
specialty cheese industry. The initial platform acquisition for Fairmount was DCI in 2005. Between 2006 and 2007,
Fairmount completed four other significant acquisitions in the specialty cheese and refrigerated foods space with
additional equity capital provided by GTCR.
“We congratulate the Fairmount team today on the successful sale of the company to Saputo,” said GTCR Principal
Dave Donnini. “We have enjoyed an outstanding partnership with Michael Mulhern, Phil Macnabb, Tim Omer and
the rest of the management team, and we wish the company well in its new partnership with Saputo, a leader in the
“We are very pleased to complete the sale of Fairmount to Saputo,” said Michael Mulhern, CEO of Fairmount. “We
thank GTCR for its commitment to our business as we’ve built Fairmount from under $90 million of sales in 2005 to
nearly $460 million of sales in 2010 through both internal growth and strategic acquisitions. Our management team
looks forward to working with Saputo to continue this growth.”
The acquisition will complement the activities of Saputo Dairy Products Division (USA) and increase its presence in
the specialty cheese category in the United States. Saputo produces, markets and distributes a wide 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, among the top 3
cheese producers in the United States and the largest snack-cake manufacturer in Canada.
Credit Suisse Securities (USA) LLC and BMO Capital Markets served as Fairmount’s financial advisors, and
Kirkland & Ellis, LLP provided legal counsel.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial
Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm
pioneered the “Leaders Strategy” – finding and partnering with world-class leaders as the critical first step in
identifying, acquiring and building market-leading companies through acquisitions and organic growth. Since its
inception, GTCR has invested more than $8.5 billion in over 200 companies. For more information, please visit
Eileen Rochford, 312-953-3305