2019-10-30 by Steven Scutaru
Quebec’s Lassonde juice maker buying BC’s Sun-Rype
$100 million acquisition of BC fruit-based snack and beverage manufacturer strengthens the Quebec company's presence in Canadian and US markets.
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“…ROUGEMONT— The Quebec maker of the Rougemont and Oasis juice brands says it is buying BC fruit-based snack and beverage manufacturer Sun-Rype Products Ltd. for about $100 million.
Lassonde Industries Inc. says two of its subsidiaries have entered into an agreement with subsidiaries of The Jim Pattison Group to acquire the Kelowna, BC-based company and two US affiliates located in Washington State.
An $80 million cash payment, subject to working capital adjustments, is payable upon closing of the transaction, expected towards the end of the year.
Lassonde will also assume $21 million in lease liability related to long-term facility leases. Sun-Rype employs about 400 people while Lassonde has about 2,200 people working in 15 plants in Canada and the US.
Sun-Rype generated sales of about $164 million and an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of about $9 million for the 12-month period ending Sept. 30.
The deal is subject to customary conditions, including approval of the Competition Bureau…”
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