Refresco, an independent beverage solutions provider with operations across North America, Europe, and Australia, has agreed to acquire SunOpta in an all-cash deal valuing the North American supply chain solutions provider at $6.50 per share (valued at about $1.1 billion).
The companies said they have signed a definitive agreement that has been unanimously approved by both boards. The transaction is expected to close in the second quarter of 2026, subject to customary conditions, including court and regulatory approvals and SunOpta shareholder approval.
If completed, SunOpta will become a wholly owned subsidiary of Refresco and its shares will no longer trade publicly. SunOpta also said it is suspending its quarterly earnings conference calls and will stop providing quarterly or annual guidance while the transaction is pending.
Refresco positioned the acquisition as an expansion into adjacent beverage categories, with a particular focus on broadening its presence in plant-based beverages and enhancing its North American footprint while working toward a more balanced geographic mix. SunOpta framed the deal as a validation of its strategy to become a solutions partner in better for you food and beverage, pointing to platform buildout, marquee customers, and sustained double digit growth.
Support: Morgan Stanley is serving as exclusive financial advisor to Refresco. Morgan Stanley Senior Funding and KKR Capital Markets have provided committed financing for the transaction. SunOpta is being advised by Lazard, which delivered a fairness opinion to SunOpta’s board, while Scotiabank advised SunOpta’s special committee and delivered a fairness opinion to that committee.
KEY QUOTES
“SunOpta represents an exceptional strategic addition to our portfolio and is consistent with our proven growth strategy to expand our capabilities into adjacent beverage categories. The acquisition of SunOpta is highly complementary and significantly broadens our position in the fast-growing plant-based beverages category. It further enhances our existing North American presence and capabilities, supporting a more balanced geographic footprint between North America and the rest of the world. Acquiring SunOpta enables us to further expand our offerings to our existing retailer and branded customers, while adding leading out-of-home customers and capabilities to Refresco that are aligned with our long-term value creation strategy. Finally, and most importantly, I am excited to welcome the SunOpta Team to the Refresco family.”
Steve Presley, Chief Executive Officer, Refresco
“This strategic combination validates our vision of transforming SunOpta into a premier solutions partner in the high-growth better-for-you food and beverage space. Over the past several years, we’ve built exceptional platforms serving marquee customers and consistently delivering double-digit growth while maintaining the highest food safety and quality standards. This partnership with Refresco provides the resources and scale to unlock SunOpta’s full potential. I’m incredibly proud of what our team has accomplished and excited about the opportunities ahead as we enter this next chapter of our growth journey.”
Brian Kocher, Chief Executive Officer, SunOpta
