Lassonde completes takeover of Sun-Rype Products
January 6, 2020
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Lassonde Industries Inc. has completed the acquisition of Sun-Rype Products Ltd. and its two U.S. affiliates from The Jim Pattison Group for $89.3 million.
“We are delighted to welcome Sun-Rype’s employees to the Lassonde team,” said Nathalie Lassonde, CEO of Lassonde Industries Inc. “Both of our organizations have an excellent reputation in the market and a great tradition of innovation and service quality in fruit juice and food processing. We are pleased to be able to pursue our growth together.”
This amount includes $9.3 million in preliminary working capital adjustments and other adjustments. As part of the transaction, Lassonde assumed $21 million in liabilities related to long-term leases for the facilities located in Kelowna, B.C., Selah and Wapato, Wash.
According to Jean Gattuso, president and COO, Lassonde Industries Inc., “Completion of Lassonde’s acquisition of Sun-Rype is a major milestone in the growth of our respective companies. This acquisition paves the way for the pooling of talent, expertise and competence of food industry professionals, who share common values and are joining forces to continue to serve our customers’ current and future needs.”
Sun-Rype Products Ltd. is a Canadian fruit-based snack and beverage manufacturer, manufacturing and selling a variety of ready-to-drink fruit-based juices and drinks under the Sun-Rype brand and fruit-based snacks under the Sun-Rype, Fruit to Go, FruitSource and Good Bites brands. Its customers include grocery stores, club stores, and mass merchandisers, as well as wholesalers and drug stores, and employs approximately 400 people.
Lassonde Industries Inc. develops, manufactures and sells of a wide range of ready-to-drink fruit and vegetable juices and drinks marketed under brands such as Apple & Eve, Everfresh, Fairlee, Fruité, Graves, Oasis, Old Orchard and Rougemont. Lassonde is also one of the two largest producers of store-brand, shelf-stable fruit juices and drinks in the United States and a major producer of cranberry sauces.
The company also develops, manufactures and markets specialty food products under brands such as Antico and Canton, and imports and markets selected wines from various countries and manufactures apple ciders and cider-based beverages, and employs approximately 2,200 people working in 15 plants across Canada and the United States.