Refresco, the global independent beverage solutions provider, has entered into a definitive agreement to acquire SunOpta in an all-cash transaction valued at $6.50 per share.

Under the terms of the agreement, SunOpta will become a wholly owned subsidiary of Refresco following the close of the transaction, which is expected in the second quarter of 2026, subject to customary regulatory, court and shareholder approvals.

SunOpta’s shares will be delisted from Nasdaq and the Toronto Stock Exchange upon completion.

Refresco CEO Steve Presley said: “SunOpta represents an exceptional strategic addition to our portfolio. The acquisition is highly complementary and significantly broadens our position in the fast-growing plant-based beverages category."

"It enhances our North American capabilities and supports a more balanced global footprint, while expanding our offerings to both retail and branded customers.”

The deal also brings SunOpta’s out-of-home customer base and capabilities into Refresco’s platform, strengthening its reach across retail, foodservice and branded channels.

For SunOpta, the transaction marks the next phase in a multi-year transformation into a focused supply-chain and innovation partner in the better-for-you food and beverage space.

SunOpta CEO Brian Kocher added: “This strategic combination validates our vision of transforming SunOpta into a premier solutions partner in the high-growth better-for-you food and beverage space".

"This partnership with Refresco provides the resources and scale to unlock SunOpta’s full potential and accelerate the next chapter of our growth journey.”

SunOpta has built strong platforms in plant-based beverages, broths and better-for-you snacks, serving major brands, retailers and foodservice operators across North America, with a focus on sustainability, food safety and quality.

The transaction has been unanimously approved by both boards of directors and will be implemented through a court-approved plan of arrangement under Canadian law.

SunOpta has announced it will suspend quarterly earnings calls and discontinue quarterly and annual financial guidance in light of the pending transaction.

Financial and legal advisors on the deal include Morgan Stanley as exclusive financial advisor to Refresco, Lazard as financial advisor to SunOpta, and Scotiabank as advisor to SunOpta’s special committee, along with multiple legal firms representing both parties.

The acquisition further consolidates the beverage co-manufacturing and solutions space, particularly in plant-based beverages, one of the fastest-growing segments in the industry.

By combining Refresco’s global scale and manufacturing footprint with SunOpta’s specialised capabilities in plant-based and better-for-you products, the deal positions the combined business to serve growing demand from retailers, branded manufacturers and foodservice operators seeking scalable, sustainable beverage solutions.

If approved, the transaction will create one of the most comprehensive independent beverage solutions platforms in North America, Europe and Australia, with a strengthened portfolio spanning carbonated drinks, juices, RTD teas, waters, energy drinks, sports drinks and plant-based beverages.