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Industry NewsLassonde to acquire U.S.-based Summer Garden Food for US$235M

Lassonde to acquire U.S.-based Summer Garden Food for US$235M

Lassonde is expanding its specialty food business with the acquisition of U.S.-based Summer Garden Food Manufacturing in a US $235-million deal.

Summer Garden is a manufacturer and distributor of specialty food, including premium sauces, condiments and dressings. The $235 million deal is payable at closing and Lassonde says an additoonal consideration of up to US $45 million “may be payable over the next three years, should certain financial targets be achieved and other conditions met.”

“The acquisition of Summer Garden supports our ambition to become a more diversified North American food and beverage company,” says Nathalie Lassonde, CEO and vice chair of the board of directors of Lassonde Industries Inc. “Growing our specialty food activities is one of Lassonde’s key strategic objectives and we are happy to have found the right company to help us achieve this objective. Our culture and values align with those of Summer Garden, which is also a multi-generational family business, with an entrepreneurial spirit and strong commitment to its employees, customers, consumers and the communities in which it operates. We are looking forward to closing the transaction and welcoming new talented employees to the Lassonde organization.”

Vince Timpano, president and COO, Lassonde Industries Inc. says, “it marks another important step in the execution of our long-term strategy and moves us closer to achieving our objective of $3 billion in sales with further margin improvement. Through brands that hold growth potential in their categories, Summer Garden expands our core offering in pasta sauces and extends our reach into new adjacencies. We are also integrating high-quality assets into our network, including additional retort capabilities, to position ourselves as the manufacturer of choice for our customers. Finally, with cash flow generation to support future expansion, we view this transaction as the creation of a new growth platform for Lassonde.”

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