Quebec-based Lassonde Industries announces plans to purchase the Okanagan’s Sun-Rype

Canada

The Okanagan-based company Sun-Rype will likely be changing hands.

The Quebec company Lassonde Industries announced on Tuesday that it plans to buy Sun-Rype, as well as its two American affiliates located in Selah and Wapato, Wash., for approximately $80 million.

The deal is still subject to approval from Canada’s competition bureau, as well as working capital adjustments that would be payable on closing.

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The fruit-based snack and beverage manufacturer is headquartered in Kelowna and currently owned by 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,” Lassonde CEO Nathalie Lassonde said in a news release.

“Sun-Rype and Lassonde are two great Canadian companies with decades of strong presence in the food and beverage industry in North America.”

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1:56Sun-Rype turns 70

Sun-Rype turns 70

The transaction is part of Lassonde’s strategy to strengthen its presence in Canadian and U.S. markets, she added.

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“Lassonde is a very well respected and established Canadian company, which has been in business for over 100 years,” Jim Pattison said in a news release.

“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.”

Sun-Rype generated sales of approximately $164 million over the last year.

© 2019 Global News, a division of Corus Entertainment Inc.

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