Actionable news
All posts from Actionable news
Actionable news in STKL: SunOpta, Inc.,

Sunopta Completes Strategic And Transformative Acquisition Of Sunrise Growers

The following excerpt is from the company's SEC filing.

Acquisition of high growth, margin enhancing business accelerates development of

value-added consumer products platform

Expands presence in rapidly growing frozen fruit category and diversifies customer base

TORONTO, Oct. 12, 2015 - SunOpta Inc. (Nasdaq:STKL) (TSX:SOY), a leading global company focused on organic, non-genetically modified and specialty foods, announced today it has completed the strategic acquisition of Sunrise Holdings (Delaware), Inc. (Sunrise Growers), from an investor group led by affiliates of Paine & Partners LLC, for $444 million plus certain purchase price adjustme nts.

Sunrise Growers is the leading processor of conventional and organic individually quick frozen (IQF) fruit in the United States. Sunrise Growers offers an assortment of frozen fruit products in a variety of packaging formats serving retail private label and foodservice customers. Sunrise maintains a global sourcing network providing year-round access to critical fruit supply, and operates a highly scalable processing footprint including facilities in California, Kansas and Mexico, with approximately 300 full-time and 2,000 seasonal employees. The acquisition complements SunOptas existing frozen fruit and fruit ingredient processing operations, utilizes its global sourcing network and is expected to create significant operational efficiencies as the strengths of both organizations are leveraged.

We believe the acquisition of Sunrise Growers is transformative for our company as it provides us with the leading market position in conventional non-GMO and organic IQF fruit in the United States, and is expected to enhance our product mix, increase our revenue growth and margin profile, provide multiple synergy opportunities and leverage our strategic focus on integrated consumer products, said SunOptas President and Chief Executive Officer, Rik Jacobs. The addition of Sunrise Growers further expands our...