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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-11-29 00:00:00",
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      "kind": "callout",
      "text": "Spruce Point observes a very abrupt shift in language around the acquisition of Carolina Aseptic and Dairy... and the Reedsburg Facility... In its recent Q1 2023 report, Saputo withheld reporting of the acquired revenue... and now describes the impact on Adjusted EBITDA as 'negatively impacted our results.'",
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      "text": "Spruce Point observes a very abrupt shift in language around the acquisition of Carolina Aseptic and Dairy (completed Aug 31, 2021, $148m) and the Reedsburg Facility of Wisconsin Specialty Protein (completed May 29, 2021, $37m).",
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      "text": "As we are still working through the alignment to our standard operating procedures of one of our Recent Acquisitions, the combined contribution of the Reedsburg Facility acquisition and the Carolina Acquisition negatively impacted our results. — Saputo Q1 2023 Report",
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      "text": "Evidence That Recent U.S. Acquisitions Are Performing Below Plan",
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