One of the Okanagan Valley’s largest brands has changed hands in a $89.3 million agreement.
Sun-Rype Products Ltd. was founded in 1946, and produces juices and fruit snacks in Kelowna and the Okanagan Valley. It also operates two other facilities in Washington.
Lassonde Industries Inc., which is based in Quebec, announced today that they have completed the acquisition of Sun-Rype and its two US affiliates from The Jim Pattison Group for $89.3 million, further to the satisfaction of closing conditions.
Lassonde entered an agreement to acquire Sun-Rype back in October, 2019.
The amount includes $9.3 million in preliminary working capital adjustments, and as part of the transaction, Lassonde assumed $21 million in liabilities related to long-term leases for the three facilities.
"We are delighted to welcome Sun-Rype's employees to the Lassonde team," commented Nathalie Lassonde, Chief Executive Officer 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."
Lassonde manufactures and develops a range of fruit and vegetable juices and drinks marketed under brands such as Apple & Eve, Everfresh, Fairlee, Oasis and Old Orchard.
The company employs more than 2,000 people across Canada and the United States.
Sun-Rype employs about 400 people, and generated sales of approximately $164 million and an adjusted EBITDA of approximately $9 million for the 12-month period ending on Sept. 30, 2019.
