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The deal to sell Kelowna’s Sun-Rype Products to Quebec’s Industries has been completed.
A tentative agreement was reached in late October, and the deal closed on Friday. The Jim Pattison Group received $89.3 million for the company, which started in Kelowna in 1946.
The sale price includes $9.3 million in preliminary working capital adjustments and other adjustments. As part of the transaction, Lassonde assumes $21 million in liabilities related to long-term leases for Sun-Rype facilities located in Kelowna, in Selah, Wash., and in Wapato, Wash.
“We are delighted to welcome Sun-Rype’s employees to the Lassonde team,” Lassonde chief executive officer Nathalie Lassonde said in a press release. “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.”
Sun-Rype’s 400 employees will be added to Lassonde’s 2,200-member work force who are spread over 15 plants across Canada and the U.S.
