Lassonde Industries Inc. has completed the previously announced acquisition of Apple & Eve LLC of Port Washington, N.Y., for $147.9 million. This amount reflects a preliminary adjustment of $2.1 million to the net working capital on the previously announced $150.0 million consideration and is subject to additional adjustments.
Lassonde has a beneficial ownership of 90% of Apple & Eve, a leading branded juice company in the United States. Members of the Lassonde family own the remaining 10% equity interest through their existing equity interest in the acquiring U.S. subsidiary and a proportionate capital contribution to the acquisition financing.
The acquisition of Apple& Eve is expected to provide Lassonde with:
- Increased critical mass to support customers throughout the U.S. and benefits from combined logistics, distribution, purchasing, and other economies of scale.
- A more diversified and balanced product portfolio in the U.S. and an entry point in national brand products in the U.S. market.
- Growth opportunities in the U.S. national brand juice and drink market for Lassonde’s existing products.