One of the Okanagan’s largest employers, Sun-Rype Products, has been acquired by Quebec-based Lassonde Industries in an $80 million transaction announced Tuesday.
Two of Lassonde’s subsidiaries entered into the agreement to acquire the local fruit snack and beverage manufacturer from the Jim Pattison Group.
“It is with great pride and enthusiasm that we look forward to welcoming Sun-Rype’s management team and employees to Lassonde,” said Nathalie Lassonde, CEO of Lassonde Industries. “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.”
The deal also sees Lassonde assume $21 million in lease liability, related to long-term leases for the facilities located in Kelowna and Washington state.
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-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.”
Lassonde executives believe the acquisition will improve the company’s manufacturing footprint in Western Canada and in the north-western United States and further strengthen the their presence in the Canadian branded juices and drinks sector.
Sun-Rype is an Okanagan born and bred company, established in 1946.