William Hui, a Hong Kong-based investor, has entered into a sale agreement for the purchase of Australian milk supplier United Dairy Power (UDP) for $70m.
United Dairy supplies milk and dairy ingredients to cheese companies and domestic retailers of milk products. The company receives, processes, and delivers milk to local city milk, cheese, and yogurt factories.
Following the acquisition, Hui will own three UDP dairy-processing plants in Poowong, Victoria and Murray Bridge and Jervois in South Australia.
Meanwhile, UDP will continue to be managed by senior management, headed by Mark Smith who will be assuming the position of CEO.
United Dairy Power founder Tony Esposito said, "Mr Hui is the ideal owner to guide the company on the next stage of its growth."
