Lassonde, based at Rougemont, Quebec, said that it expects to close the deal in August for a 71% stake in New Jersey-based Clement Pappas and Co, the second largest maker of private label ready to drink fruit drinks in the US.
The remaining stakes in privately owned Clement Pappas will go to the Lassonde family (10%) and the Pappas family (19%).
“This transaction combines two premier fruit juice and drink manufacturers to form a North American category leader,” said Lassonde CEO Pierre-Paul Lassonde.
“This acquisition provides a platform for continued growth in the US market through Clement Pappas’ extensive coast to coast network,” added Lassonde chief operating officer, Jean Gattuso. “The two companies are very complementary, and together will have a well diversified product offering.”
Source: Lassonde Industries
© FoodBev Media Ltd 2024