SunRype sold

Okanagan-based SunRype Products has a new owner.

Lassonde Industries Inc., based in Rougemont, Quebec, announced today that two of its subsidiaries have entered into an agreement with subsidiaries of The Jim Pattison Group, to acquire SunRype Products Ltd., a Canadian fruit-based snack and beverage manufacturer headquartered in Kelowna, and its two U.S. affiliates located in Selah and Wapato, Washington State.

The price tag was approximately $80 million, subject to working capital adjustments and other adjustments, payable upon closing of the transaction.

The cash consideration reflects excess working capital estimated at $7 million. As part of the transaction, Lassonde will assume $21 million in lease liability related to long-term leases for the facilities located in Kelowna, Selah and Wapato.

SunRype generated sales of approximately $164 million for the 12-month period ending on September 30, 2019.

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SunRype has been producing juices and fruit snacks in Kelowna since 1946, and currently employs about 400 people.

“It is with great pride and enthusiasm that we look forward to welcoming SunRype’s management team and employees to Lassonde. SunRype and Lassonde are two great Canadian companies with decades of strong presence in the food and beverage industry in North America. This transaction is part of our strategy of constant and measured growth and will strengthen our presence in the Canadian and U.S. markets,” said Nathalie Lassonde, Chief Executive Officer of Lassonde Industries Inc.

Jim Pattison, Chairman and CEO of The Jim Pattison Group, said, “Lassonde is a very well respected and established Canadian company, which has been in business for over 100 years. It has been a key supplier to several of our companies, including Save-OnFoods and Buy-Low Foods for decades, and will continue to be. Lassonde is a first-class growing company with an excellent track record. SunRype is in good hands with Lassonde.”

“SunRype is a recognized and respected brand in the market, and Lassonde intends to keep it alive for a very long time,” said Jean Gattuso, President and Chief Operating Officer of Lassonde Industries Inc. “By joining forces, Lassonde and SunRype will be well positioned to become a leading fruit-based snack and beverage company in Canada and the U.S. Hence, they will be able to provide a greater range of products to all Canadian and U.S consumers and retailers from coast to coast.”

Lesli Bradley, President of SunRype, said, “Lassonde’s rich history in the marketplace and its growth and diversification makes it a strong leader in the industry. Adding the SunRype brand and infrastructure to Lassonde will strengthen SunRype and provide it, its employees and customers with great opportunities for the future.”

Benefits of the transaction

The acquisition of SunRype will:

– Improve Lassonde’s manufacturing footprint in Western Canada and in the NorthWestern United States;

– Further strengthen the company’s presence in the Canadian branded juices and drinks sector;

– Enhance the commercial network of both companies, therefore improving support to national retailers throughout Canada; and,

– Increase the access to the complementary types of products offered by the combined entities to Canadian retailers and consumers, with a growth possibility for the North American market.

SunRype manufactures and sells, a variety of ready-to-drink fruit based juices and drinks under the Sun-Rype brand and fruit-based snacks under the SunRype, 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.