SunOpta Inc. (NASDAQ: STKL) will be acquired by Refresco Holding B.V. for $6.50 in cash per share, a deal that values the company at roughly $1.1 billion in enterprise terms, with an equity value of about $829 million and $265.8 million of debt. The transaction is structured as a plan of arrangement under the Canada Business Corporations Act and is supported by an interim order from the Ontario Superior Court issued on March 16, 2026.
The arrangement was reviewed by a special committee of independent directors and was unanimously recommended by SunOpta’s board as fair to voting shareholders. A virtual special meeting of shareholders is scheduled for April 16, 2026, at which shareholders will be asked to approve the sale of the company to Refresco.
Refresco’s strategic rationale is to broaden its plant‑based beverage portfolio and strengthen its North American presence. The acquisition is described as “highly complementary” and is expected to create a more balanced geographic footprint between North America and the rest of the world, according to Refresco CEO Steve Presley. The deal also gives SunOpta access to Refresco’s scale and resources, which SunOpta CEO Brian Kocher says will unlock the company’s full potential.
The $6.50 per share offer represents a 44% premium to SunOpta’s 20‑day volume‑weighted average price as of February 5, 2026. The transaction implies a multiple of roughly 12.0× based on SunOpta’s adjusted EBITDA guidance for the fiscal year ended January 3, 2026, and about 10.8× based on projected adjusted EBITDA for the fiscal year ending January 2, 2027.
Financing for the transaction will come from debt provided by Morgan Stanley Senior Funding, Inc. and KKR Capital Markets LLC. Refresco is majority owned by private‑equity firm KKR, which will provide the necessary capital backing for the deal.
SunOpta shares have surged nearly 70% year‑to‑date, trading close to the $6.48 offer price, indicating strong market confidence in the transaction’s completion. Analysts view the premium and strategic fit positively, noting that the deal aligns with Refresco’s growth strategy in the fast‑growing plant‑based beverage category.
"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." – Steve Presley, CEO, 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. 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, CEO, SunOpta
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