Lassonde Industries Acquires U.S. Branded Juice Company
Lassonde Industries Inc., Canada, entered into a definitive agreement, through one of its U.S. subsidiaries, with US Juice Partners, LLC, Honolulu, Hawaii, to acquire privately owned Apple & Eve, LLC of Port Washington, N.Y., for a total cash consideration of $150 million payable at closing, subject to adjustments for working capital and other items.
Upon closing of the transaction, expected to occur in July, Lassonde Industries will have a 90% equity interest in Apple & Eve and its complete line of juice and drink brands distributed nationwide.
"Our entry into the branded juice business in the United States represents another major milestone in our North American strategy," says Pierre-Paul Lassonde, chairman of the board and CEO of Lassonde Industries. "It is aligned with our strategy of consistent, measured growth and enhances our overall position in the industry by providing an excellent platform for the future."
The acquisition of Apple & Eve will provide Lassonde Industries with increased critical mass to support customers throughout the United States and benefits from combined logistics, distribution, purchasing and other economies of scale. It also offers a more diversified and balanced U.S. product portfolio and an entry point in national brand products.
"We are pleased to add one of America's best known juice brands to our portfolio," says Jean Gattuso, president and COO of Lassonde Industries. "Like Lassonde in Canada, Apple & Eve is synonymous with innovative products in the health and wellness segment in the U.S. We are confident in our ability to continue to grow the brand."
"I am so proud of what we have built at Apple & Eve over the last 40 years, and as CEO, I look forward to entering this new exciting chapter together. By joining Lassonde, we will remain highly focused on creating innovative, on-trend products under the iconic Apple & Eve brand and the other strong brands in our portfolio," says Gordon Crane, founder, president and CEO of Apple & Eve.