Canadian organic food provider SunOpta Inc said it would buy organic frozen fruit supplier Sunrise Holdings Delaware Inc from private equity firm Paine & Partners LLC for about $450 million.
The deal is expected to add 10 cents to SunOpta’s adjusted earnings per share in fiscal 2016, the company said.
Sunrise, which generates annual revenue of about $300 million, has retail and food service facilities in California, Kansas and Mexico.
Citi served as SunOpta’s financial adviser. Faegre Baker Daniels LLP and Simpson Thacher & Bartlett LLP were the company’s legal advisers.