Refresco to buy SunOpta for $785m in plant-based drinks push
Dutch beverage maker pays 34.6% premium to expand in North America and fast-growing alternative milk segment
SunOpta shares surged more than 33% on Friday after the Canadian plant-based food and beverage producer agreed to be acquired by Dutch juice and soft drink bottler Refresco in a $785 million all-cash deal.
Refresco will pay $6.50 per share for SunOpta, representing a 34.6% premium to Thursday's closing price of $4.83. The transaction has been unanimously approved by the boards of both companies and is expected to close in the second quarter of 2026, subject to regulatory approvals, court sanction, and SunOpta shareholder approval.
The acquisition represents a strategic bet on the rapidly growing plant-based beverages market. SunOpta manufactures a range of plant-based drinks and ingredients, positioning Refresco to capitalize on shifting consumer preferences toward sustainable and health-conscious alternatives. Refresco chief executive Steve Presley described SunOpta as an "exceptional strategic addition" that will significantly broaden the company's position in the category.
"This acquisition significantly broadens our position in the fast-growing plant-based beverages category," according to the just-drinks industry report, which noted that both companies operate primarily on a co-manufacturing business model, suggesting potential operational synergies.
For SunOpta, the deal ends a period as a publicly traded company that saw its shares trade within a 52-week range of $3.32 to $7.68. The Eden Prairie, Minnesota-based company, which reported $792.4 million in trailing twelve-month revenue, had faced investor pressure despite posting 16.8% year-over-year revenue growth in its most recent quarter. Analysts had maintained a positive outlook on the stock, with six buy ratings and an average target price of $7.90, according to market data.
The acquisition advances Refresco's strategy to create a more balanced geographic footprint between North America and the rest of the world. The Rotterdam-based company plans to expand its offerings to existing retail and branded customers while gaining "leading out-of-home customers and capabilities" through SunOpta's portfolio, according to industry analysis.
Following completion of the transaction, SunOpta will become a wholly-owned subsidiary of Refresco and its shares will no longer be publicly traded. The company has suspended its quarterly earnings conference calls and will cease providing quarterly or annual guidance as it prepares for the transition to private ownership.
The deal highlights broader consolidation trends in the food and beverage sector as established manufacturers seek to acquire capabilities in higher-growth "better-for-you" segments. The plant-based beverage market has attracted significant investment from traditional food and beverage companies looking to diversify away from declining categories such as sugary soft drinks and dairy milk.
Refresco is Europe's largest independent bottler of juices and soft drinks, with operations across more than 10 countries. The SunOpta acquisition marks its most significant move into the North American market and positions it to compete more effectively with larger beverage manufacturers that have already established footholds in the plant-based category.