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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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      "text": "As part of our research process, Spruce Point consulted a former Saputo executive familiar with its business strategy and gained some valuable insights about what is pressuring the business.",
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      "text": "As part of our research process, Spruce Point consulted a former Saputo executive familiar with its business strategy and gained some valuable insights about what is pressuring the business.",
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      "text": "You can think of Saputo as 0%-1% organic growth in Canada... I wouldn't shock me, if Saputo has grown organically 0-2% per annum as a whole.",
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      "text": "Saputo's Europe acquisition didn't make sense. I think it's hard to argue that Saputo has created any shareholder with any major acquisition that Saputo has done.",
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      "text": "Saputo drove a lot of value early by consolidating the Canada market... That play is now gone for them.",
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      "text": "It's really hard to grow top line in Canada... The movement of jug milk away from brands toward private label... Agropur has emerged as a more legitimate competitor.",
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      "text": "It's really hard to now understand what's going on as an outside observer now. There's a lot of one-time items... making it difficult for Saputo internally to understand.",
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      "text": "\"That play is now gone for them. They are really limited what they can now buy in Canada. The multiple arbitrage isn't there anymore, since there's also more private equity money around.\" — Former Saputo Strategy Executive",
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      "text": "Ten Thousand Foot View: Spruce Point Expert Interview",
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