Tourbillon Capital Partners seeks sale of SunOpta

SunOpta has been urged by Tourbillon Capital Partners, which holds the largest stake in the Canadian organic company, to sell itself.

In a letter which was filed with the US Securities and Exchange Commission, the hedge fund urged the Canadian company to appoint an investment bank to explore ways to bolster value for shares.

Tourbillon holds 9.9% stake in SunOpta.

Following months of private talks, the hedge fund decided to inform the commission it was concerned that management may not be committed enough to boost the company’s value.

The letter reads: "Simply put, we believe SunOpta can become a more valuable business as a part of a larger enterprise."

Tourbillon stated that it was not satisfied with the way the price of SunOpta’s shares were dipping. It also added that it may ultimately seek changes in the board if the share prices do not push up.

SunOpta stated that it will "review Tourbillon’s suggestions and evaluate them on the basis of what is in the best interest of all shareholders."

The firm also added that it is focused on "creating efficiencies and improving operational excellence."

In the first quarter of fiscal 2016, the company posted revenues of $352.3m, which is 29% more than it reported during the same period last year. However, it fell into a $10m loss compared to $5m profit a year before.