SunOpta expands in healthy snacks with acquisition
December 6, 2010
by Eric Schroeder
TORONTO — SunOpta Inc. said its subsidiary SunOpta Fruit Group Inc. has signed definitive agreements to acquire 100% of the assets and business of Edner of Nevada, Inc., for approximately $4 million in cash. The transaction also includes a potential earn-out dependent on the achievement of certain future targets.
Founded in 2003 by Ed and Vicky Kirschner, Edner produces a variety of portable foods such as nutrition bars and serves the wholesome and convenient healthy snacks category from its 104,000-square-foot facility, located in Carson City, Nevada. Edner co-packs for a variety of branded and private label customers and current revenues are approximately $10 million, with equipment and capacity available to support an increase of revenues to approximately $50 million.
SunOpta said Edner’s existing operational capabilities will enable it to extend the breadth of its fruit-based product offerings via the introduction of new products utilizing the capabilities that exist within the facility.
“The combination of our Healthy Fruit Snacks operations and our global sourcing capabilities for healthy ingredients with Edner’s business and extensive capabilities will allow us to strengthen our healthy product offering in the rapidly growing healthy convenience foods category,” said Steve Bromley, president and chief executive officer of SunOpta Inc. “We are excited about the possibilities for growth once we put our businesses and skill sets together.”
Healthy Fruit Snacks is an operating division within SunOpta Fruit Group. The division produces natural and organic fruit snacks and operates from a processing facility in Omak, Wash., and its products include all natural fruit bars, ropes, twists and other shapes made primarily from apple puree and available in a variety of flavors.