Refresco has made a strategic move by acquiring US food-and-beverage group SunOpta, aiming to strengthen its position in the plant-based drinks market. This acquisition aligns with current food and beverage industry trends, particularly as consumers increasingly gravitate towards healthier options.
Steve Presley, the newly appointed CEO of Refresco, referred to SunOpta as “an exceptional strategic addition to our portfolio.” This insight underscores the significance of this deal in the evolving food and drink business landscape.
The Netherlands-based Refresco, known for producing a variety of soft drinks—from soda and tea to juices and plant-based beverages—has announced it will pay $6.50 per share for SunOpta. This acquisition is particularly relevant in light of food and drink consumer trends that favor plant-based alternatives.
SunOpta operates in both the US and Canada, offering an array of beverages, broths, and snacks. Both companies focus on co-manufacturing, which enhances their collaborative capabilities.
Presley, a former Nestlé executive who took the helm at Refresco in August, emphasized, “The acquisition of SunOpta is highly complementary and significantly broadens our position in the fast-growing plant-based beverages category. It further enhances our existing North American presence and capabilities, supporting a more balanced geographic footprint between North America and the rest of the world.”
Moreover, Presley stated, “Acquiring SunOpta enables us to further expand our offerings to our existing retailer and branded customers, while adding leading out-of-home customers and capabilities to Refresco that are aligned with our long-term value creation strategy.”
The boards of both companies have unanimously approved the transaction, which is expected to close in the second quarter, pending customary closing conditions and SunOpta shareholder approval. Notably, Refresco is primarily owned by private-equity firm KKR.
Brian Kocher, CEO of SunOpta, remarked that the sale “provides the resources and scale to unlock SunOpta’s full potential.” He further added, “This strategic combination validates our vision of transforming SunOpta into a premier solutions partner in the high-growth, better-for-you, food and beverage space. Over the past several years, we’ve built exceptional platforms serving marquee customers and consistently delivering double-digit growth while maintaining the highest food safety and quality standards.”
