Lassonade

Lassonde Industries, a Canadian food manufacturing company, has completed the previously announced acquisition of American juice company Apple & Eve for $150m.

US Juice Partners, a subsidiary of Lassonde, has signed an agreement earlier in July.

As part of the acquisition, the company owns 90% stake in Apple & Eve and its complete line of juice and drink brands.

Through its existing equity interest in the acquiring US subsidiary, Lassonde’s family members own the remaining 10% equity interest.

Following the acquisition, the company will have access to the logistics, distribution, and purchasing assets of Apple & Eve.

Lassonde Industries CEO Pierre-Paul Lassonde said: "Our entry into the branded juice business in the United States represents another major milestone in our North American strategy.

"It is aligned with our strategy of consistent, measured growth and enhances our overall position in the industry by providing an excellent platform for the future."

Around $75m of the total transaction amount was financed under the term credit facility of a Lassonde US subsidiary, $67.5m from a combination of cash, cash equivalents on hand and Lassonde’s Canadian operating credit facility.

According to the company, the remaining $7.5m was provided by equity investment of members of the Lassonde family.

Image: Lassonde produces fruit and vegetable juices and drinks. Photo: courtesy of Industries Lassonde inc.