Deal to sell Sun-Rype for $80 million underway

One of the Okanagan's biggest business successes may be changing hands.

Lassonde Industries Inc., which is based in Quebec, announced today, Oct. 29, that two of its subsidiaries entered into an agreement with subsidiaries of The Jim Pattison Group to acquire Sun-Rype Products Ltd. for around $80 million.

The deal is expected to be finalized later in the year and improve Lassonde's manufacturing footprint in Western Canada and in the northwestern United States.

The pending sale includes Sun-Rype's Kelowna headquarters and its two US affiliates located in Selah and Wapato, in Washington U.S.

"Sun-Rype is in good hands with Lassonde," Jim Pattison, Chairman and CEO of The Jim Pattison Group, said in the press release announcing the sale.

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.

"Sun-Rype is a recognized and respected brand in the market, and Lassonde intends to keep it alive for a very long time,"  Jean Gattuso, president and Chief Operating Officer of Lassonde Industries Inc., said.

"By joining forces, Lassonde and Sun-Rype will be well-positioned to become a leading fruit-based snack and beverage company in Canada and the U.S. Hence, they will be able to provide a greater range of products to all Canadian and U.S consumers and retailers from coast to coast."

Sun-Rype has been producing juices and fruit snacks in Kelowna, since 1946.In total it employs approximately 400 people.

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