I found it! See the paragraph one from the bottom re Chelsea...

I found it! See the paragraph one from the bottom re Chelsea (Vic) plant.
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26 November 2020 from 'The Australian' - always a great read: if you don't subscribe in print and digital as I do, please consider supporting the paper. Its business section is very good, as it is in general news and opinion:

'Bega’s Barry Irvin has bet the house to make the journey to a complete dairy company, covering fresh and long life sales with an ongoing role as industry consolidator.

Bega’s $534 million deal to buy the Lion Dairy and Drinks business includes $25.9 million in mainly IT separation costs, which Bega says Lion will pay, but is a moot point.

As is the claimed earnings multiple of 10.9 times which excludes accounting changes which push the multiple to the 12 times mark.

Either way, for a company with a market value of $1.1 billion, it’s a big price.

Lion has finally exited the dairy business at just 16 per cent of its entry price 12 years ago, when it paid $3.6 billion for National Foods and Dairy Farmers.

It will now concentrate on its beer assets in Australia and the US including the country’s best beer, Furphy.

It comes after Treasurer Josh Frydenberg rejected FIRB advice and blocked the proposed sale to China’s Mengniu for $600m.

Bega now becomes the second biggest milk processor at 1.7 billion litres a year, ahead of Fonterra at 1.5 billion litres and behind Saputo at 2.6 billion.

For Barry Irvin, just 12 months out from his last substantial cancer treatment, it’s a transformational deal.

Bega was long on so-called long shelf-like assets from cheese to peanut butter and Vegemite.

Now it’s playing in the fresh food aisles, with yoghurt, milk and fruit juice.

Lion Dairy and Drinks came with the nation’s biggest cold food distribution chain, which is an ideal springboard into the convenience retail market.

It also becomes one of the single biggest suppliers to the big supermarkets.

Rival Saputo had the highest bid on the table but was knocked out on regulatory grounds, with the ACCC asking too many questions.

Tanarra Capital was the third bidder below Bega, which is a blow to the John Wylie-led fund, given its access to industry fund capital including Sun Super and Hostplus generates better fees with assets under management.

Bega picks up some strong brands including Dare iced coffee, Yoplait, Zooper Dooper ice drinks, Berri, Dairy Farmers, Pura, and Farmers Union.

Having sold the Bega cheese brand rights to Fonterra some time ago this range of brands is Irvin’s dream portfolio.

It also gives him potential asset sales to help pay for the deal.

The company now controls 13 dairy processing and manufacturing plants, of which some are destined to be shut like the Chelsea plant outside Melbourne.

This is where Irvin becomes the consolidator in the industry...'