Refresco acquisition of SunOpta targets plant-based beverage growth

Refresco has agreed to acquire SunOpta Inc. for $6.50 per share in cash, a deal the companies said would expand Refresco’s capabilities in North America and strengthen its position in plant-based beverages.

The companies said they entered into a definitive agreement and expect the transaction to close in the second quarter of 2026, subject to customary closing conditions, including court and regulatory approvals and SunOpta shareholders' approval.

Refresco’s product mix spans both still and sparkling beverages, including juices and still drinks, carbonated soft drinks, dilutables, water, ready-to-drink tea and coffee, and energy drinks. It also produces packaging formats such as cartons, PET bottles, cans and glass. SunOpta’s core business is supplying plant-based beverages and ingredients, including products made from oat, almond, soy and coconut, along with items such as broths and teas for retail and foodservice customers. Its product mix also includes “better-for-you” snacks, including fruit snacks, alongside its beverage platform.

Refresco CEO Steve Presley said SunOpta is a strategic addition that expands Refresco into adjacent beverage categories and supports a more balanced geographic footprint between North America and other markets where Refresco operates. Presley said the acquisition is intended to broaden Refresco’s position in plant-based beverages and add out-of-home customers and capabilities.

Both companies said their boards unanimously approved the transaction. The deal will be implemented through a statutory, court-approved plan of arrangement under the Canada Business Corporations Act. If completed, SunOpta would become a wholly owned subsidiary of Refresco, and SunOpta shares would no longer be publicly traded.