- Lassonde Industries Inc. (TSX:LAS.A) completed its US$237.2 million acquisition of The Zidian Group, which operates Summer Garden Food Manufacturing.
- Summer Garden develops, manufactures and markets a wide range of premium sauces and condiments.
- Summer Garden’s brands add to Lassonde’s portfolio of juices, sauces and snacks that include Del Monte, Oasis, Allen’s, SunRype and many more.
- Shares of Lassonde Industries Inc. were up 2.74 per cent, trading at C$157.19 at 11:51 am ET Thursday.
Lassonde Industries Inc. (TSX:LAS.A) on Thursday completed its US$237.2 million acquisition of The Zidian Group, which operates Summer Garden Food Manufacturing.
Summer Garden, which employs about 200 people and is based in Boardman, Ohio, develops, manufactures and markets a wide range of premium sauces and condiments, including tomato and cream-based pasta sauces, barbecue sauces, dipping sauces and dressings.
Its portfolio consists of approximately 250 products sold through more than 20,000 locations under the Gia Russa and Little Italy in the Bronx brands and under the G Hughes brand, a leader in the U.S. sugar-free BBQ sauce segment. Summer Garden also acts as a co-packer for well-known brands. For the 12-month period ending in May 2024, Summer Garden generated sales of approximately US$148.0 million and adjusted EBITDA of approximately US$27.9 million.
“We are delighted to welcome Summer Garden’s employees and management to the Lassonde organization, and we look forward to leveraging our combined expertise,” Nathalie Lassonde, Lassonde Industries Inc. chief executive officer and vice chair of the board of directors, said in a news release. “This acquisition marks an important step in the execution of our strategy by significantly expanding the scope of our North American specialty food business and creating a new growth platform for Lassonde.”
Summer Garden’s portfolio of products adds to Lassonde’s array of fruit beverages, alcoholic drinks, sauces, soups, broths and snacks. Notable brands include Del Monte, Oasis, Allen’s, SunRype, Antico, Arte Nova and many more.
“Through brands that hold growth potential in their categories, Summer Garden expands our core offering in pasta sauces and extends our reach into new adjacencies. Its product portfolio and capabilities will deliver an immediate path to growth at attractive and accretive margins,” Vince Timpano, Lassonde Industries Inc. president and chief operating officer, said.
Lassonde’s purchase of Summer Garden Food Manufacturing was made through a 90-per-cent-owned U.S. subsidiary.
Lassonde Industries Inc. is a Rougemont, Quebec-based leader in the food and beverages industry in North America. The corporation operates 19 plants in Canada and the United States and develops, manufactures, and markets a wide range of private label and national brand products. Lassonde is active in retail sales to food retailers and wholesalers and food service sales to restaurants, hotels, hospitals, schools, and wholesalers serving these institutions.
Shares of Lassonde Industries Inc. (TSX:QSR) were up 2.74 per cent, trading at C$157.19 at 11:51 am ET Thursday.
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