We advised Saputo Inc. on the sale of 80% of its dairy operations in Argentina and Brazil to Grupo Gloria
Bruchou & Funes de Rioja advised Saputo Inc.(“Saputo”) in connection with the sale of 80% of Saputo’s dairy operations in Argentina and Brazil to Project Gold S.A.U., Litrex S.A. and Gloria Foods S.A., entities belonging to Grupo Gloria.
The transaction included the transfer of controlling interests in Molti S.R.L. and Molfino Hermanos S.A. (“Molfino”), as well as Saputo’s Brazilian subsidiary, Saputo Representação Comercial de Produtos Lácteos Brasil Ltda. Molfino operates two production facilities in Argentina and owns leading dairy brands such as La Paulina, Ricrem and Molfino. Saputo is currently the largest milk processor in Argentina, receiving more than 3.5 million liters of milk per day during the 2024/2025 period.
Under the terms of the transaction, Saputo will retain a 20% equity stake in Molfino, maintaining a strategic and commercial relationship with Grupo Gloria and ensuring continued production of certain products for its international markets. Closing of the transaction remains subject to the satisfaction of customary conditions precedent, including merger control approvals in multiple jurisdictions.
Jones Day led the transaction as international counsel to Saputo.
The Bruchou & Funes de Rioja team advising Saputo Inc. was led by partner Mariano Luchetti (M&A), with the support of senior associate Maria Gulias and associates María Bourdieu and Agustina Lanús de la Serna. The team also included tax partner Pablo Muir and senior associate Cecilia Calosso and senior associate Youssef El Chaer (Corporate Governance). Additionally,
The Purchasers were advised by Milbank LLP as international counsel and locally by Allende & Brea, whose team included partner Tomás E. Di Ció and associates Federico Ibarra and Micaela Kim.
