Brampton, Ont.-based SunOpta acquires U.S. fruit bar manufacturer for $4 million
SunOpta is growing again, this time through its wholly owned subsidiary SunOpta Fruit Group Inc., which has acquired Carson City, Nev.-based Edner of Nevada, Inc. for $4 million in cash.
Under the arrangement Edner, a fruit snack bar manufacturer, will also receive certain payments based on whether or not future targets are met. The agreement also sees Edner founders Ed and Vicky Kirschner remaining with the company.
Edner produces a wide variety of healthy, portable food such as nutrition bars and grain-and fruit-based snack bars. The company also co-packs for various branded and private-label customers. According to SunOpta, although Edner revenues currently sit at approximately $10 million, there is the “equipment and capacity available to support an increase of revenues to approximately $50 million.”
“Edner is well respected for the innovative products they produce along with their extensive formulation capabilities,” says Chris Bouchard, president of SunOpta Healthy Fruit Snacks operations, an operating division within SunOpta Fruit Group. “We believe we will be able to expand revenues significantly without significant additional capital investment and broaden our product offering with our existing customers.”