MINNEAPOLIS — Private equity firm Pacific Avenue Capital Partners has purchased SunOpta Inc.’s sunflower and roasted snacks business for $16 million.
The acquisition includes three of SunOpta’s facilities based in Crookston and Breckenridge, Minn., and Grace City, ND, which will now operate under the Sunrich Products label.
“This divestiture of a non-core business represents further progress against our strategic imperative of portfolio transformation, focusing on high-growth, high-return opportunities that are differentiated and leverage the competitive strengths of our unique model,” said Joe Ennen, chief executive officer of SunOpta.
The company said it will focus on its plant-based foods and beverages business following the divestiture, including its line of oat, almond, soy, rice, coconut and hemp-based products. SunOpta has been rapidly scaling its plant-based portfolio since 2020, with oat milk sales serving as a primary growth driver.