Sold its Deep South brand and associated ice cream operations to Talley’s for an undisclosed sum
New Zealand based Dairyworks Limited, a subsidiary of Synlait Milk Limited (Synlait), has sold its Deep South brand and associated ice cream operations to Talley’s Group for an undisclosed sum, effective 12 November 2020.
Dairyworks CEO Tim Carter commented: “The sale of Deep South enables Dairyworks to focus on our core business, explore new market opportunities, and deliver strong shareholder value.”
“Dairyworks is going through a period of rapid expansion in our core categories of cheese, speciality cheese, yogurt, and convenience butters.”
“While Deep South is a successful part of our current portfolio, ice cream is not our core business. The brand has strong growth potential for a business more focused on ice cream.”
Synlait CEO Leon Clement commented: “The decision to divest the Deep South brand and its operations reflects Synlait’s intention to increase value in line with our strategy.”
