M&A · Industrials · Beverages
Refresco to acquire SunOpta Inc.
Announced Feb 6, 2026 · Closed May 1, 2026
Deal value$768MEV $1.03B
Premium32.1%To unaffected price
EV / Adj. EBITDA13.3x1.3x EV / Revenue
ConsiderationAll cash$6.50 per share
Transaction
- Acquirer
- Refresco
- Target
- SunOpta Inc. (STKL)
- Buyer type
- Strategic
- Offer price per share
- $6.50
- Enterprise value
- $1.03B
- Status
- Closed May 1, 2026
Deal protections
- Break fee (target pays)
- $41.5M · 5.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Lazard, Scotiabank
- Lazard fee
- $17.0M
Sector context · Industrials
- Comparable deals
- 94 in the prior 24 months
- Premium
- 32.1% vs. 37.5% sector median
- EV / Adj. EBITDA
- 13.3x vs. 10.1x sector median
- Break fee
- 5.4% vs. 2.6% sector median
Timeline
- AnnouncedFeb 6, 2026
- Proxy filedFeb 27, 2026
- Definitive proxyMar 18, 2026
- Shareholder voteApr 16, 2026
- ClosedMay 1, 2026
Valuation · fairness opinions
Discounted cash flowLazard$5.45$7.30
Leveraged buyoutLazard$4.30$6.35
Premiums paidLazard$5.55$6.40
Premiums paidScotiabank$6.40$7.38
Offer $6.50
Implied value per SunOpta Inc. share by analysis, from Lazard and Scotiabank · DCF discount rate 9%–10%.