Refresco takes a big sip of plant-based with US$1.1 billion SunOpta deal

Dutch beverage manufacturer Refresco has agreed to acquire plant-based food and beverage supplier SunOpta in an all-cash transaction valued at approximately US$1.1 billion, the companies announced on February 6.

• Refresco has agreed to acquire SunOpta for US$6.50 per share in cash, valuing the transaction at approximately US$1.1 billion.
• The deal has been unanimously approved by both companies’ boards and is expected to close in the second quarter of 2026, subject to regulatory and shareholder approvals.
• Following completion, SunOpta will become a wholly owned subsidiary of Refresco and will no longer be publicly traded.

Under the terms of the definitive agreement, SunOpta common stockholders will receive US$6.50 per share in cash. The transaction will be implemented through a statutory, court-approved plan of arrangement under the Canada Business Corporations Act.

Refresco described the acquisition as a strategic expansion of its capabilities in plant-based beverages and a step toward strengthening its geographic balance between North America and its existing operations in Europe and Australia.

Steve Presley, Chief Executive Officer of Refresco, said the deal aligned closely with the company’s growth strategy. “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. “The acquisition of SunOpta is highly complementary and significantly broadens our position in the fast-growing plant-based beverages category.”

Presley added that the transaction enhanced Refresco’s North American footprint while expanding its customer base.

“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,” he said. “Acquiring SunOpta enables us to further expand our offerings to our existing retailer and branded customers, while adding leading out-of-home customers and capabilities to Refresco that are aligned with our long-term value creation strategy.”

SunOpta, which operates as a supply chain solutions provider across beverages, broths, and better-for-you snacks, has spent recent years focusing on growth in health-oriented food and beverage categories. The company said the acquisition validated that strategy.

Brian Kocher, Chief Executive Officer of SunOpta, said the agreement marked a significant milestone in the company’s evolution. “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. “Over the past several years, we've built exceptional platforms serving marquee customers and consistently delivering double-digit growth while maintaining the highest food safety and quality standards.”

Kocher said the partnership would provide additional scale and resources. “This partnership with Refresco provides the resources and scale to unlock SunOpta's full potential,” he said. “I'm incredibly proud of what our team has accomplished and excited about the opportunities ahead as we enter this next chapter of our growth journey.”

The transaction received unanimous approval from the boards of directors of both companies. It remained subject to customary closing conditions, including court and regulatory approvals and approval from SunOpta shareholders. The companies expected the deal to close in the second quarter of 2026.

Once completed, SunOpta will operate as a wholly owned subsidiary of Refresco, and its shares will no longer be publicly traded. In light of the pending acquisition, SunOpta confirmed it was suspending its quarterly earnings conference calls and would no longer provide quarterly or annual financial guidance.

SunOpta, which has more than 50 years of operating history, delivers customized supply chain solutions for brands, retailers, and foodservice providers across North America. Refresco, headquartered in Rotterdam, operates beverage production facilities across North America, Europe, and Australia and employs more than 14,000 people globally.

The deal marks one of the larger recent transactions in the plant-based beverage supply chain, reflecting continued consolidation as manufacturers sought scale, geographic reach, and expanded category capabilities.