In a move to diversify its North American food and beverage business, Canada-based agri-food company Lassonde Industries has announced its plans to acquire Zidian Group, the parent company of Summer Garden Food Manufacturing. The deal, valued at $235m, will see Lassonde buying the US-based sauces and condiments maker from the family owners. An additional $45m may be paid over the next three years based on achieving certain financial targets and meeting other conditions. The transaction is expected to close within 30 to 45 days, pending regulatory approval and other closing conditions.
Summer Garden Food, located in Boardman, Ohio, employs approximately 200 people and specializes in manufacturing premium sauces and condiments, including tomato and cream-based pasta sauces, BBQ sauces, dipping sauces, and dressings. Lassonde has expressed its intention to retain Zidian’s employees post-acquisition.
With a portfolio comprising around 250 products sold through over 20,000 locations under brands like Gia Russa, Little Italy in the Bronx, and G Hughes, Summer Garden also serves as a co-packer. The company generated sales of $148m and adjusted EBITDA of approximately $27.9m for the 12 months ended in May 2024.
Nathalie Lassonde, CEO of Lassonde Industries, commented on the acquisition, stating, “The acquisition of Summer Garden supports our ambition to become a more diversified North American food and beverage company. Growing our speciality food activities is one of Lassonde’s key strategic objectives, and we are excited to welcome new talented employees to our organization.”
Vince Timpano, president and COO of Lassonde Industries, added, “We are thrilled to expand our speciality food activities with a product portfolio and capabilities that offer a clear path to growth at attractive margins. This acquisition aligns with our long-term strategy and brings us closer to our goal of reaching $3bn in sales with improved margins.”
Thomas Zidian, president and CEO of Summer Garden, expressed optimism about the deal, noting that it will ensure the company’s legacy continues to thrive. He also mentioned that the acquisition will benefit customers through enhanced products and provide employees with new opportunities for development and advancement.
Lassonde Industries is a food and drinks manufacturer with a wide-ranging portfolio that includes sauces, soups, snacks, soft drinks, and alcoholic beverages. The company sells its products to retail, wholesalers, and independent stores under brands like Canton, Good Bites, and Friolento, in addition to offering private label services.
