Lassonde Industries has announced that it has agreed a deal to acquire US-based juice company Old Orchard Brands for $150 million.
Lassonde will pay $146 million to acquire the company itself, and will spend a further $4 million to acquire Old Orchard’s production facility in Sparta, Michigan.
Old Orchard produces a range of beverage products for the US market, including 100% fruit juices, reduced-sugar juice cocktails and flavoured teas.
According to Lassonde, the acquisition will strengthen its manufacturing footprint in the Midwestern US, will strengthen its presence in the US juice sector and allow access to a production line for frozen concentrate products.
Pierre-Paul Lassonde, chairman of the board and chief executive officer of Lassonde Industries said: “Adding the Old Orchard brand to our product portfolio will further strengthen our presence in the US national brands sector.
“This transaction fits well within our sustained growth strategy and improves our overall position in the United States.”
Jean Gattuso, president and chief operating officer of Lassonde Industries added: “Old Orchard has a good reputation in the United States and enjoys solid brand loyalty, especially in the Central United States.
“The Old Orchard brand complements our existing brands and, what’s more, the transaction will add a line of frozen juices to our product offering, which introduces interesting growth opportunities.”
Mark Saur, president and chief executive officer of Old Orchard Brands said: “I am pleased that we have reached an agreement with Lassonde. It’s the perfect combination of two companies with a long history of success in the juice industry.
“I am proud of what we have built over the past 30 years and could not think of a better owner of our brand and business than Lassonde.
“I have always admired this family-oriented business, their value system and the quality of their product offering. This is a perfect match that closes an exciting chapter for our family and employees and opens an even more exciting one.”
Source: FoodBev
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