The completion of the acquisition, initially announced in November 2020, marks the official return of iconic Australian brands to local ownership - including Dairy Farmers, Dare, Pura, Farmers Union, Masters, Big M, Daily Juice, The Juice Brothers and Berri.

Bega Cheese executive chairman Barry Irvin said the company was "delighted" to return these iconic names to Australian hands.

"This is a great moment for Bega and we couldn't be more excited for such treasured brands to officially join the Bega family," Mr Irvin said.

The $534million deal sees the milk processing business grow from four to 15 dairy factories, plus two juice plants, and joint venture ownership of one of Australia's big name plant "milk" facilities.

"Bega has been working hard to create a great Australian food company, and in addition to acquiring such great brands, we look forward to welcoming a large and talented team into our business," Mr Irvin said.

In 2017, Bega returned Vegemite, a national icon, to Aussie ownership - a move widely celebrated by the nation.

Mr Irvin said Bega was extremely proud of the dairy and grocery business it is building, which now includes household favourites such as Vegemite, Bega Peanut Butter, Simply Nuts and its honey range, B honey.

"We hope that Australians are as thrilled as we are that much-loved state-based brands that they've grown up with, such as Masters (WA), Farmers Union Iced Coffee (SA) and Big M (Victoria) are again Aussie-owned - these great brands are returning to Aussie ownership for the first time in more than a decade," Mr Irvin added.

The Dairy and Drinks business, now owned by Bega, was formed through the amalgamation of some of Australia's most celebrated food and beverage companies. Dairy Farmers and Farmers Union were founded before Australian Federation more than 120 years ago and some of the same families still supply the Dairy Farmers brand today.

Following the acquisition, Bega's product range now includes fresh milk, flavoured milk, yoghurt, juice, cream and custard alongside its traditional dairy and grocery business. The brands acquired by Bega include:

Bega said it was committed to the local dairy industry and, more broadly, to making a positive contribution for the greater good. This was demonstrated by the launch of B honey last year, a brand that supports the future of the local honey industry through its unique Purple Hive project - an initiative to support Australian honey bee (Apis mellifera) populations.

"Bega continues to leverage and evolve our core business to become a respected and successful global food business, with a vision to become the great Australian food company," Mr Irvin said.

"We invite you to celebrate in this great moment for our business, and what it means for Australians. Thank you for inviting our brands into your homes, and your breakfast table, each day."