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  "docSlug": "78ffe7ab28d4",
  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
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  "pageNumber": 54,
  "pageCount": 147,
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  "slideType": "before_after",
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  "notes": "Uses a visual 'before and after' comparison to demonstrate business decline.",
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      "text": "Saputo acquired Shepherd Gourmet Dairy (Ontario) in 2018 for C$100 million. Shepherd Gourmet manufactures, markets and distributes a variety of specialty cheeses, yogurt, as well as Skyr Icelandic-style yogurt in Canada.(1) For the twelve-month period ended on April 30, 2018, Shepherd Gourmet generated revenues of approximately C$57 million. Fast forward to today, we see that the brand has dramatically reduced its SKU count to just two Skyr yogurts and two feta cheeses.",
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      "kind": "callout",
      "text": "Fast forward to today, we see that the brand has dramatically reduced its SKU count to just two Skyr yogurts and two feta cheeses.",
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      "text": "Product Offering 2019",
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      "text": "Product Offering Today",
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      "kind": "source-note",
      "text": "Source: Shepherd Gourmet Dairy website (Way back)",
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      "kind": "source-note",
      "text": "1) Saputo \"Saputo Completes the Acquisition of the Activities of Shepherd Gourmet in Canada\" press release",
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      "text": "Evidence of Declining Products: Shepherd Gourmet",
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      "evidence": "Visual comparison of product offerings between 2019 and today to show decline.",
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