Lassonde Industries Inc., Canada, announced plans to acquire Old Orchard Brands, LLC, a Sparta, Mich.-based juice and beverage processor, for $146.million.
"Adding the Old Orchard brand to our product portfolio will further strengthen our presence in the U.S. national brands sector," says Pierre-Paul Lassonde, chairman of the board and CEO of Lassonde. "This transaction fits well within our sustained growth strategy and improves our overall position in the United States."
"Old Orchard has a good reputation in the United States, and enjoys solid brand loyalty, especially in the central United States," says Jean Gattuso, president and COO of Lassonde. "The Old Orchard brand complements our existing brands, and what's more, the transaction will add a line of frozen juices to our product offering, which introduces interesting growth opportunities."
"I am pleased that we have reached an agreement with Lassonde. It's the perfect combination of two companies with a long history of success in the juice industry," says Mark Saur, president and CEO of Old Orchard Brands. "I am proud of what we have built over the past 30 years, and could not think of a better owner of our brand and business than Lassonde. I have always admired this family-oriented business, their value system and the quality of their product offering. This is a perfect match that closes an exciting chapter for our family and employees and opens an even more exciting one."
The acquisition of Old Orchard Brands will:
- Improve Lassonde's manufacturing footprint in the Midwestern United States;
- Further strengthen the company's presence in the U.S. national brands juice sector; and
- Provide access to a production line for frozen concentrated products.