Another day, another dairy deal

A second Aussie dairy company has gone under the hammer in as many weeks with United Dairy Power (UDP) snapped up by a Hong Kong businessman.

William Hui, a shareholder and chairman of manufacturer Swing Media Technology, a listed company that makes CD, DVD and video cassettes, has bought UDP, Australia's biggest privately-owned dairy processor for $70 million.

The acquisition comes hot on the heels of the WCB takeover battle, which was recently won by Canadian dairy company Saputo.

UDP, which operates in South Australia and Victoria, has reportedly been seeking a buyer for two years. The company began as a milk broker in 1999 but in 2012, it acquired Lion's Murray Bridge and Jervois Dairy processing operations in South Australia.

UDP's main site is located at Poowong, 100 km east of Melbourne, Victoria, where it receives, processes and delivers milk to  milk, cheese and yoghurt processors. The company also makes the Caboolture brand of pizza cheese and other dairy products.

The business will continue to be managed by the current leadership team.