Refresco has entered into a definitive agreement to acquire 100% of SunOpta for $6.50 per share in an all-cash transaction. The strategic rationale for the deal is to significantly bolster Refresco’s position in the fast-growing North American plant-based beverage market, utilizing SunOpta’s specialized aseptic manufacturing footprint as a platform for regional expansion. The acquisition is highly complementary, filling geographic gaps in Refresco’s US operations while adding advanced R&D and formulation capabilities in the plant-based milk and broth categories. Despite a temporary slowdown in US retail unit sales, the deal prioritizes SunOpta’s exceptional momentum in the foodservice channel, where it supplies eight of the top ten North American coffee chains. The transaction allows for faster operational remediation and margin normalization under private ownership, shielding the business from public-market reporting constraints. This move consolidates Refresco's shift toward value-added, less-commoditized beverage models on a global scale.

SUNOPTA, which reported an EBITDA margin of LOGIN in 2026, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a level LOGIN the average currently observed in the AgriFood sector (10.1x).

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