Minnesota plant-based food company SunOpta sold in $798M deal

A Dutch beverage giant will buy leading plant-based food supplier SunOpta for about $798 million.

Refresco — which owns popular juice and soda beverages sold in Europe, North America and Australia — will pay $6.50 a share in cash for the Eden Prairie-based company, the companies said on Feb. 6.

“The acquisition of SunOpta is highly complementary and significantly broadens our position in the fast-growing plant-based beverages category,” said Steve Presley, Refresco’s chief executive.

It also expands the company’s footprint in North America, according to a news release.

SunOpta CEO Brian Kocher said in a statement that the sale will provide the investment needed to expand into the growing “better-for-you” food and beverage category.

“This partnership with Refresco provides the resources and scale to unlock SunOpta’s full potential,” Kocher said.

Under the deal, approved by both companies’ boards, SunOpta will cease as a publicly traded company and become a subsidiary of Refresco.

There were no immediate statements on the fate of SunOpta’s employees or facilities.

SunOpta operates an R&D center at its headquarters and a processing plant in Alexandria, Minn., as well as other facilities around the country.