Paine & Partners to Sell Sunrise Growers for $450M
August 03, 2015
Paine & Partners has signed a definitive agreement to sell portfolio company Sunrise Growers to SunOpta (NASDAQ: STKL) in a transaction valued at $450 million or approximately 11.5x the company's fiscal 2015 adjusted EBITDA. Sunrise Growers is a supplier of private label conventional and organic frozen fruit. SunOpta specializes in the sourcing, processing and packaging of organic and non-GMO food products, integrated from seed through packaged products. Pain & Partners has backed Sunrise Growers since 2013, acquiring it via its Fund III. SunOpta, which expects to complete the transaction in the fall of this year, has received committed debt financing to support the deal from Bank of Montreal and BMO Capital Markets.