Synlait Milk's new cornerstone shareholder has been revealed to be the Fonterra chief executive's former employer.
FrieslandCampina, one of the largest dairy co-operatives in the world, will hold about 7.5% of Synlait, once the current $322 million float process has been completed.
Fonterra's Theo Spierings used to hold the top job at FrieslandCampina.
Synlait chairman Graeme Milne said the Dutch company's investment is an endorsement of Synlait's operations and growth ambitions.
China's Bright Dairy will own about 39.1% once the float is completed.