Quebec-based juice giant Lassonde Industries Inc. has entered into an agreement with The Jim Pattison Group to acquire Sun-Rype Products Ltd., a B.C. fruit-based snack and beverage manufacturer, for approximately $80 million.
The transaction is expected to be completed towards the end of 2019.
“Sun-Rype 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., in a release.
Jim Pattison, chairman and CEO of The Jim Pattison Group, said in the same release, “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-On-Foods and Buy-Low Foods for decades, and will continue to be. Lassonde is a first-class growing company with an excellent track record. Sun-Rype is in good hands with Lassonde.”