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A deal is on the table that would see one of the Okanagan Valley’s biggest brands change ownership hands.
On Tuesday, Oct.29, Quebec-based company Lassonde Industries announced that two of its subsidiaries have entered into an $80-million agreement with subsidiaries of The Jim Pattison Group to acquire Sun-Rype Products Ltd.
The deal includes the Kelowna-based Sun-Rype headquarters along with two other facilities located in Selah, and Wapato, Washington, United States.
Sun-Rype has been producing juices and fruit snacks in Kelowna since 1946 and current employes 400 people.
The $80-million deal will see Lassonde Industries assume $21 million in lease liability related to long-term leases for the three facilities.
According to a press release, Sun-Rype generated sales of approximately $164 million and an adjusted EBITDA of approximately $9 million for a 12-month period that ended on Sept. 30.
“It is with great pride and enthusiasm that we look forward to welcoming Sun-Rype’s management team and employees to Lassonde. Sun-Rype and Lassonde are two great Canadian companies with decades of strong presence in the food and beverage industry in North America,” said Nathalie Lassonde, Chief Executive Officer of Lassonde Industries Inc.
“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,” added Jim Pattison, Chairman and CEO of The Jim Pattison Group.
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