SunOpta to divest global ingredients segment to ACOMO for $390m

Canadian speciality foods company SunOpta has agreed to divest its global ingredients segment and related assets to Amsterdam Commodities (ACOMO) for a €330m ($390m) consideration.

According to the agreement, ACMO will acquire SunOpta’s processing facilities in Amsterdam, the Netherlands; Silistra, Bulgaria; Addis Ababa, Ethiopia; and Yirgalem, Ethiopia.

Upon completion of the deal, nearly 525 SunOpta employees will be transferred to ACOMO and the facilities that are part of the transaction will continue to operate as usual.

ACOMO Group managing director Allard Goldschmeding said: “With the exciting acquisition of Tradin, Acomo will realise a highly complementary acquisition, creating a leading global player across organic and conventional unlisted commodities.

“The company is a leading partner for the organic food industry, benefitting from the rapidly growing global consumer demand for sustainable and healthy foods. Tradin has an attractive financial profile and will continue to be led by a highly experienced management team.”

With the divesture of global ingredients segment, SunOpta intends to focus on the value-added, plant-based foods and beverages division.

Proceeds from the divestiture will be used by the company to pay down debt and invest in the plant-based foods and beverages segment.

SunOpta CEO Joe Ennen said: “I’m pleased to announce this strategically transformational transaction. This transaction further solidifies SunOpta’s future direction as a high-growth, plant-based company focused on providing value-added products in competitively advantaged categories with consistent, sustainable, above-average growth characteristics.

“The long-term supply agreement negotiated as part of this transaction provides SunOpta with the benefit of a continued strategic relationship with a leading global ingredient player in Acomo.

“Furthermore, this transaction de-levers and strengthens SunOpta’s balance sheet, enabling the acceleration of near-term expansion plans in our fast-growing plant-based food and beverage segment.”