Rougemont, Que. – Lassonde Industries Inc. has acquired Apple & Eve LLC of Port Washington, N.Y. for US$150 million. The deal is expected to close this month.
Under the terms of the deal, Lassonde will have a 90 per cent equity interest in Apple & Eve and its complete line of juice and drink brands, which are distributed across the U.S. Members of the Lassonde family will own the remaining 10 per cent equity interest.
Apple & Eve is a branded juice company that was founded in 1975 by the Crane family. The company offers more than 100 different juice products sold under the brand Apple & Eve, and includes a portfolio of sub brands including Organics, Fruitables, Quenchers, Waterfruits and Sesame Street. The company also owns and markets juices under Northland, Seneca and The Switch brands.
Lassonde was established in 1918 and has made various acquisitions over the years. Its top brands include Allen’s, Oasis, Everfresh, Rougemont and Tropical Grove.
The Apple & Eve acquisition is expected to provide the company with:
• increased critical mass to support customers throughout the U.S. and benefits from combined logistics, distribution, purchasing and other economies of scale;
• a more diversified and balanced product portfolio in the U.S. and an entry point in national brand products in the U.S. market; and
• growth opportunities in the U.S. national brand juice and drink market for Lassonde’s existing products.
Gordon Crane, founder, president and CEO of Apple & Eve, says the company is excited about this new chapter.
“By joining Lassonde,” says Crane, “we will remain highly focused on creating innovative, on-trend products under the iconic Apple & Eve brand and the other strong brands in our portfolio.”