SunOpta Inc., a supplier of organic and specialty edible products, has purchased Citrusource, L.L.C. for a amalgamation of cash concluding around US$13.3 million coupled with future investments on the basis of particular performance targets. The purchase was funded from existing credit facilities and is likely to be immediately accretive.
Citrusource has its headquarter in Irvine, California, and is a provider of not from concentrate private brand organic and traditional orange juice and citrusy products in the United States. The firm has annual revenues of around US$30 million. A countrywide sourcing and supply operation is operated using numerous processing and packaging associates to serve a assortment of retailer consumers.
The chief executive officer of SunOpta, Mr. Steve Bromley stated that this procurement aligns with their core integrated 2 touch strategy and leverages their vertically included operations as well as their customers’ products strategy to develop their healthy beverages portfolio. The procurement of Citrusource will influence their incorporated juice operation situated in San Bernardino, California that is now functional. In addition to this, the Citrusource team carries major market, commercial and functional expertise to SunOpta, which they expect will assist them to drive synergies across their existing healthy beverages segment and serve their customers better.
The managing partner at Citrusource, Mr. Bob Aicklen, stated the purchase by SunOpta will permit Citrusource to serve its consumers better as it influences vertically incorporated business and international sourcing proficiency of SunOpta.
Mr. Aicklen stated also that their product and procedure expertise will fit in adequately with the focus of SunOpta on healthy and organic beverages resulting in enabling them to leverage their joint expertise to develop their product capacities and consumer portfolio.