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02/2026

SUNOPTA acquired by REFRESCO

UNITED STATES Food Processing / Beverages / Soft Drinks EV 1b - 4b USD

Context

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.

The acquisition of Sunopta is part of the growth strategy of Refresco, which already has several external growth operations under its belt, notably Telemark Kildevann in 2025.

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 (10.8x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Founded in 1973, SunOpta is a leading North American manufacturer specializing in high-growth plant-based beverages and fruit-based snacks. The company’s business model is centered on a dual approach: producing its own proprietary brands, such as Sown and West Life, while acting as a mission-critical contract manufacturer for major global brands and private labels. Its value proposition is anchored in advanced aseptic processing and packaging technologies, which provide a significant barrier to entry in the production of shelf-stable oat, almond, and soy milks, as well as protein shakes, teas, and broths. Strategically, the organization has undergone a multi-year portfolio transformation, shedding legacy commodity assets to focus exclusively on value-added, high-margin beverage categories. By maintaining a dominant presence in the North American coffee shop channel and club retail, the firm serves as a primary innovation partner for category-leading customers.

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Historical Financials (USD)

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REFERENCES

Valuation range: EV 1b - 4b USD

EBITDA range: 100M - 200M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of SUNOPTA by REFRESCO are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: sunopta

Acquirer: refresco