Refresco has made a strategic move to acquire the US-based food and beverage group SunOpta, aiming to strengthen its presence in the plant-based drinks sector.
Steve Presley, the newly appointed CEO of Refresco, characterized SunOpta as “an exceptional strategic addition to our portfolio.”
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The Netherlands-based Refresco, a manufacturer of diverse soft drinks including soda, tea, juices, and plant-based beverages, has agreed to pay $6.50 per share for SunOpta, as announced on February 6.
SunOpta, which is publicly traded in the US and Canada, produces a variety of beverages, broths, and snacks. Both companies focus on co-manufacturing as a core aspect of their business models.
Presley, who previously held a position at Nestlé, remarked: “The acquisition of SunOpta is highly complementary and broadens our presence in the rapidly expanding plant-based beverages category. It enhances our existing capabilities in North America and contributes to a balanced geographic footprint on a global scale.”
He also noted, “This acquisition enables us to expand our offerings to current retail and branded customers, while incorporating out-of-home customers and capabilities that align with our long-term value creation strategy.”
The boards of both Refresco and SunOpta have endorsed the agreement, which is anticipated to finalize in the second quarter, pending standard closing conditions and shareholder approval from SunOpta. Refresco is largely owned by the private equity firm KKR.
SunOpta’s CEO, Brian Kocher, expressed that the sale “provides the resources and scale to unlock SunOpta’s full potential.”
He added, “This strategic combination validates our vision of transforming SunOpta into a premier solutions partner in the fast-growing, better-for-you food and beverage space. In recent years, we have established robust platforms that serve notable customers while consistently achieving double-digit growth and upholding the highest standards of food safety and quality.”
Key Takeaways
- Refresco acquires SunOpta to enhance its plant-based beverage offerings.
- Steve Presley highlights the strategic importance of the deal for Refresco.
- SunOpta produces a range of beverages, broths, and snacks through co-manufacturing.
- The acquisition is expected to close in the second quarter, pending approvals.
- Enhanced capabilities aim to support growth and better serve customers.
FAQ
What prompted Refresco to acquire SunOpta?
The acquisition aims to strengthen Refresco’s footprint in the rapidly growing plant-based beverage market.
What is the share price for the acquisition?
Refresco is paying $6.50 per share for SunOpta.
When is the deal expected to close?
The deal is anticipated to finalize in the second quarter, subject to regulatory and shareholder approvals.
Conclusion
This acquisition represents a significant strategic move for Refresco, enhancing its capabilities in the plant-based beverages sector. As both companies look to the future, this partnership is poised to unlock new opportunities for growth and innovation in the industry.
