Refresco to acquire plant-based producer SunOpta in an all-cash deal 

USA – Refresco has agreed to acquire US-based plant-based food and beverage company SunOpta in a US$1.1 billion all-cash deal, strengthening its North American footprint and expanding into new categories.  

The transaction, announced by the Dutch beverage giant, is expected to close in the second quarter of 2026. 

Under the terms of the agreement, Refresco will pay US$6.50 per share, implying an equity value of US$829 million for SunOpta and including nearly US$266 million of net debt. The total enterprise value of the deal stands at approximately US$1.1 billion. 

The acquisition will significantly enhance Refresco’s presence in North America and broaden its exposure to foodservice customers and adjacent growth categories. 

Refresco produces soft drinks, fruit juices, alcoholic beverages and plant-based milks for branded and private-label customers across multiple markets. 

SunOpta manufactures plant-based milks, creamers, broths and fruit snacks for brands, foodservice operators and private-label ranges. It also sells non-dairy alternatives under its own brands, including Sown, Dream and West Life. 

Steve Presley, Chief Executive Officer of Refresco, said the acquisition is aligned with the company’s growth ambitions. “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,” Presley said. 

He added that the deal would further strengthen Refresco’s geographic balance. “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,” Presley said. 

Founded in 1973 and rooted in Canada, SunOpta has developed a portfolio of more than 300 plant-based products. Its offerings include Dream-branded plant-based milks, Sown oat creamers and West Life high-protein soy milks, alongside better-for-you fruit snacks. 

Last year, the company sold its global ingredients division to Amsterdam Commodities for about US$390 million, using the proceeds to focus on its plant-based milk business and reduce debt. 

SunOpta Chief Executive Officer Brian Kocher said the transaction supports the company’s long-term strategy.  

“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,” Kocher said. 

He added that partnering with Refresco provides scale and resources. “This partnership with Refresco provides the resources and scale to unlock SunOpta’s full potential as we enter the next chapter of our growth journey,” Kocher said. 

Following the announcement, SunOpta said it would suspend earnings calls and withdraw financial guidance while the deal is pending. It reported 17% revenue growth in 2025 quarterly sales period. 

Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.