Lassonde Industries Inc., Rougemont, Quebec, said it completed its purchase of juice processor Apple & Eve, LLC, Port Washington, N.Y., for a total cash consideration of US$147.9 million. Officials said the amount reflects a preliminary adjustment of US$2.1 million to the net working capital on the previously announced US$150.0 million consideration and is subject to additional adjustments.
Lassonde has a beneficial ownership of 90% of Apple & Eve. 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.
Lassonde says Apple & Eve has total annualized net sales of US$190.0 million and a trailing 12-month adjusted EBITDA of US$15.2 million. Founded by the Crane family in 1975, Apple & Eve offers more than 100 different juice products sold under its iconic flagship brand name, Apple & Eve, and includes a portfolio of sub-brands including Organics, Fruitables, Quenchers, Waterfruits and Sesame Street.
Additionally, it markets juices under its Northland, Seneca and The Switch brands. Apple & Eve products are sold nationwide in supermarkets, mass merchandisers, warehouse clubs, natural food stores, schools and convenience stores.
“Our entry into the branded juice business in the United States represents another major milestone in our North American strategy,” says Pierre-Paul Lassonde, Lassonde chairman and CEO. “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.”
Lassonde Industries Inc. is a North American leader in fruit and vegetable juices and drinks marketed under brands such as Everfresh, Fairlee, Flavür, Fruité, Graves, Oasis and Rougemont. Lassonde also is the second largest producer of store brand ready-to-drink fruit juices and drinks in the United States and a major producer of cranberry sauces.
Lassonde also develops, manufactures and markets specialty food products under brands such as Antico and Canton. The Company imports and markets selected wines from various countries and manufactures apple ciders and wine-based beverages. The company employs approximately 2,000 people 14 plants across Canada and the United States.