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Milcobel to Divest Ice Cream Business Ysco to Davidson Kempner Capital Management

Belgium 31.07.2024
Source: The DairyNews
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Belgian dairy cooperative Milcobel has announced its intention to sell its subsidiary, ice cream producer Ysco, to Davidson Kempner Capital Management.
Milcobel to Divest Ice Cream Business Ysco to Davidson Kempner Capital Management

Founded in 1949, Ysco specialises in private-label ice cream for European retailers, operating production facilities in Belgium and France, and distributing up to 190 million litres of ice cream annually.

The proposed transaction is expected to provide Ysco with the capital and strategic focus necessary to position itself as Europe's leading private-label ice cream producer. Upon approval, part of the proceeds will be returned to Milcobel’s member dairy farmers, and will also enable targeted investments to increase capacity and optimise dairy production processes, potentially resulting in higher milk prices. Additionally, reducing debt would lower financial costs.

Peter Grugeon, CEO of Milcobel, stated, "Under Milcobel’s ownership, Ysco has grown into a major player in the European private-label ice cream market. If the transaction is approved, we are confident that Davidson Kempner and Afendis will provide the focus and capital needed to accelerate Ysco's further growth and enable it to seize opportunities in a dynamic and consolidating ice cream market."

He added, "The proceeds of this transaction would benefit our member dairy farmers and would enable us to continue to build on the value of our dairy activities and partnerships, and to focus on our consumer cheese business and our premium dairy ingredients."

The transaction is pending approval from the relevant competition authorities and must undergo a consultation process with the French Ysco Works Council in compliance with local labour laws.


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