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Eversheds Sutherland advises Dairy Crest Group plc on its £70 million fundraising

  • United Kingdom
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    Eversheds Sutherland has advised Dairy Crest Group plc on its successful equity placing, raising approximately £70 million.

    The fundraising is part of wider plans for a £85 million expansion programme over the next four years at Dairy Crest’s cheese and whey production facilities in Davidstow, Cornwall, due in part to growing consumer demand for cheese both in the UK and overseas.

    The advisory team at Eversheds Sutherland comprised Corporate Partner Aleen Gulvanessian and Legal Director Mark Roe.

    Aleen Gulvanessian commented:

    “We are delighted to have supported Dairy Crest on a strategically important fundraise which will ensure the continued success and growth of the UK’s number one cheese brand, Cathedral City, and the much loved premium brand, Davidstow.

    “The investment will also enable Dairy Crest to invest in energy resilience, water supply and recyclable packaging enhancements at its Davidstow creamery, which is important to the community and economy of North Cornwall.”

    A total of 14,107,224 new ordinary shares, representing approximately 9.98% of Dairy Crest Group’s issued share capital, were placed by joint bookrunners Peel Hunt LLP and Shore Capital Stockbrokers Limited, at a price of 495 pence per share.

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