Interessant is om ook het persbericht van SunOpta te lezen, waarin men spreekt van langdurige en toekomstige samenwerking met ACOMO.
"The long-term supply agreement negotiated as part of this transaction provides SunOpta with the benefit of a continued strategic relationship with a leading global ingredient player in Acomo".
SUNOPTA ANNOUNCES AGREEMENT TO SELL ITS GLOBAL INGREDIENTS SEGMENT TO AMSTERDAM COMMODITIES N.V.
DOWNLOAD PDF FORMAT (OPENS IN NEW WINDOW)
Divestiture further intensifies SunOpta’s focus on value-added plant-based foods and beverages
Lowers commodity trading exposure while enhancing long-term growth rate and margins
Increases financial flexibility to enable accelerated growth in plant-based beverage platform
MINNEAPOLIS--(BUSINESS WIRE)-- SunOpta Inc. (“SunOpta” or the “Company”) (Nasdaq:STKL) (TSX:SOY), a leading global company focused on plant-based foods and beverages, fruit-based foods and beverages, and organic ingredient sourcing and production, today announced it has reached an agreement to sell the Company’s global ingredients segment and related assets to an Amsterdam based global commodity trading company, Amsterdam Commodities N.V. (Euronext: ACOMO) for a debt and cash free consideration of €330 million. The transaction, which remains subject to customary closing conditions, is expected to close by January 2021.
“I’m pleased to announce this strategically transformational transaction. This transaction further solidifies SunOpta’s future direction as a high-growth, plant-based company focused on providing value-added products in competitively advantaged categories with consistent, sustainable, above average growth characteristics. The long-term supply agreement negotiated as part of this transaction provides SunOpta with the benefit of a continued strategic relationship with a leading global ingredient player in Acomo. Furthermore, this transaction de-levers and strengthens SunOpta’s balance sheet, enabling the acceleration of near-term expansion plans in our fast-growing plant-based food and beverage segment. The plans include both high-return capital investment projects, as well as synergistic acquisitions, that add to an existing set of strong capabilities in our core plant-based beverage platform. This is a very exciting time for us at SunOpta as we look forward to building on our success of the past four quarters,” said Joe Ennen, Chief Executive Officer of SunOpta.
“With the exciting acquisition of Tradin, Acomo will realize a highly complementary acquisition, creating a leading global player across organic and conventional unlisted commodities. The company is a leading partner for the organic food industry, benefitting from the rapidly growing global consumer demand for sustainable and healthy foods. Tradin has an attractive financial profile and will continue to be led by a highly experienced management team,” said Allard Goldschmeding, Acomo Group Managing Director.
Under the terms of the agreement, SunOpta will sell processing facilities located in Amsterdam, the Netherlands; Silistra, Bulgaria; Addis Ababa, Ethiopia; and Yirgalem, Ethiopia. These facilities and their employees will continue to operate in ordinary course. Approximately 525 employees will be transferred from SunOpta to Acomo.
The Global Ingredients business being sold contributed approximately US$488 million to SunOpta’s net sales for the twelve months ended September 26, 2020. The transaction valuation represents an approximate 10x multiple of Adjusted EBITDA(1) for the standalone business. This transaction is highly tax efficient and is expected to be accretive to the Company’s long-term growth rate and margin profile further focusing the Company on delivering more consistent financial results for our shareholders.
Proceeds from this transaction will be used for capital investment primarily into the core Plant-Based Foods and Beverages segment and to pay down debt.
Conference Call Information
SunOpta plans to host a conference call at 9:00 A.M. Eastern time today to discuss the strategic divestiture of the global organic ingredients business. Investors interested in listening to the conference call can join at the US toll-free number (833) 513-0545 or international dial in number +1 (778) 560-2569. The conference ID number is 1093806. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days at the Company's website.
Rothschild & Co is serving as financial advisor, PricewaterhouseCoopers Advisory N.V. is serving as accounting advisor, and Van Doorne N.V. and Faegre Drinker Biddle & Reath LLP are serving as legal advisors to SunOpta.
Rabobank is serving as financial advisor, Deloitte and KPMG are serving as accounting and tax advisors respectively and NautaDutilh and Latham & Watkins LLP are serving as legal advisors to Acomo.
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on plant-based foods and beverages, fruit-based foods and beverages, and organic ingredient sourcing and production. SunOpta specializes in the sourcing, processing and packaging of organic, natural and non-GMO food products, integrated from seed through packaged products, with a focus on strategic vertically integrated business models.
About Amsterdam Commodities N.V.
Amsterdam Commodities N.V. (Acomo) is an international group with as its principal business the trade and distribution of natural food products and ingredients. Our main trading subsidiaries are Catz International B.V. in Rotterdam, the Netherlands (spices and food raw materials), Van Rees Group B.V. in Rotterdam, the Netherlands (tea), Red River Commodities Inc. in Fargo, USA, Red River Global Ingredients Ltd. in Winkler, Canada, Red River-van Eck B.V. in Etten-Leur, the Netherlands, Food Ingredients Service Center Europe B.V. in Etten-Leur, the Netherlands, and SIGCO Warenhandelsgesellschaft mbH in Hamburg, Germany (edible seeds), King Nuts B.V. in Bodegraven, Delinuts B.V. in Ede, and Tovano B.V. in Maasdijk, the Netherlands (nuts), and Snick EuroIngredients N.V. in Ruddervoorde, Belgium (food ingredients). Acomo shares have been traded on Euronext Amsterdam since 1908.