SunRype sold

Okanagan-based SunRype Products has a new owner.

Lassonde Industries Inc., based in Rougemont, Quebec, announced today that two of its subsidiaries have entered into an agreement with subsidiaries of The Jim Pattison Group, to acquire SunRype Products Ltd., a Canadian fruit-based snack and beverage manufacturer headquartered in Kelowna, and its two U.S. affiliates located in Selah and Wapato, Washington State.

The price tag was approximately $80 million, subject to working capital adjustments and other adjustments, payable upon closing of the transaction.

The cash consideration reflects excess working capital estimated at $7 million. As part of the transaction, Lassonde will assume $21 million in lease liability related to long-term leases for the facilities located in Kelowna, Selah and Wapato.

SunRype generated sales of approximately $164 million for the 12-month period ending on September 30, 2019.