ROUGEMONT, QUE. — Lassonde Industries Inc., a developer and manufacturer of fruit and vegetable juices, has reached an agreement to acquire Old Orchard Brands, L.L.C. for $146 million in cash. Lassonde also has agreed to purchase the company’s property, which includes land and the manufacturing plant, for $4 million. The transaction is expected to close in May.
Founded in 1985, Old Orchard Brands is a family-owned and operated fruit juice and beverage company based in Sparta, Mich. The company, which employs about 100 people, had sales of $103.3 million and an adjusted EBITDA of $15.8 million for its 2017 fiscal year, Lassonde said.
Old Orchard’s portfolio includes shelf-stable fruit juice and frozen juice concentrates in nearly 100 varieties, including 100% juice, 100% juice blends, reduced-sugar juice cocktails, seasonal lemonade and flavored teas.
“Adding the Old Orchard brand to our product portfolio will further strengthen our presence in the U.S. national brands sector,” said Pierre-Paul Lassonde, chief executive officer of Lassonde Industries. “This transaction fits well within our sustained growth strategy and improves our overall position in the United States.”
Lassonde’s line of beverages includes ready-to-drink fruit and vegetable juices marketed under such brands as Apple & Eve, Everfresh, Fairlee, Fruité, Graves, Oasis and Rougemont. The company also manufactures apple ciders and cider-based beverages.
“Old Orchard has a good reputation in the United States and enjoys solid brand loyalty, especially in the Central United States,” said Jean Gattuso, president and chief operating officer of Lassonde Industries. “The Old Orchard brand complements our existing brands and, what's more, the transaction will add a line of frozen juices to our product offering, which introduces interesting growth opportunities.”