One of the Okanagan Valley’s largest brands has changed hands in a $89.3 million agreement. 

Sun-Rype Products Ltd. was founded in 1946, and produces juices and fruit snacks in Kelowna and the Okanagan Valley. It also operates two other facilities in Washington. 

Photo credit: Google MapsSun-Rype headquarters in Kelowna, BC

Lassonde Industries Inc., which is based in Quebec, announced today that they have completed the acquisition of Sun-Rype and its two US affiliates from The Jim Pattison Group for $89.3 million, further to the satisfaction of closing conditions. 

Lassonde entered an agreement to acquire Sun-Rype back in October, 2019.

The amount includes $9.3 million in preliminary working capital adjustments, and as part of the transaction, Lassonde assumed $21 million in liabilities related to long-term leases for the three facilities. 

"We are delighted to welcome Sun-Rype's employees to the Lassonde team," commented Nathalie Lassonde, Chief Executive Officer of Lassonde Industries Inc. 

"Both of our organizations have an excellent reputation in the market and a great tradition of innovation and service quality in fruit juice and food processing. We are pleased to be able to pursue our growth together."

Lassonde manufactures and develops a range of fruit and vegetable juices and drinks marketed under brands such as Apple & Eve, Everfresh, Fairlee, Oasis and Old Orchard. 

The company employs more than 2,000 people across Canada and the United States. 

Sun-Rype employs about 400 people, and generated sales of approximately $164 million and an adjusted EBITDA of approximately $9 million for the 12-month period ending on Sept. 30, 2019.