Diluted cheese whey permeate supplemented with FACMP (Fermented Ammoniated Condensed Milk Permeate) was used as a culture medium for the production of Propionibacterium freudenreichii subsp. shermanii. FACMP was obtained through a mixed fermentation of milk permeate by Lactobacillus helveticus and Streptococcus thermophilus under pH control with gaseous ammonia. Uptake of carbon substrates (lactose and lactic acid) and production of organic acids (propionic, acetic, pyruvic) were followed by HPLC. Addition of yeast extract and KH2PO4 increased the growth rate; a cell population of 1.3 × 1010 colony forming units/ml was obtained within 48 h (3% v/v inoculum). Replacing FACMP by commercial sodium lactate or full strength whey permeate was investigated. Overall, the lactose medium (whey) was less efficient than the lactate supplemented media (FACMP, sodium lactate) in promoting bacterial growth and acid production. The use of FACMP instead of commercially available synthetic lactate improved the bacterial growth of P. shermanii by 25%.