A Strategic Supply Chain Play
SunOpta operates as a supply chain partner for beverages, broths and snacks across North America, serving as a behind-the-scenes engine for food and drink brands.
Refresco, meanwhile, is a global beverage solutions powerhouse with operations spanning North America, Europe and Australia. By absorbing SunOpta, Refresco deepens its footprint in North America while tightening its grip on vertically integrated supply solutions.
In an industry increasingly defined by efficiency and geographic reach, the acquisition resembles a carefully placed chess move — expanding capacity while consolidating expertise.
Wall Street and Bay Street Heavyweights
The transaction is backed by an array of prominent legal and financial advisers.
Faegre Drinker Biddle & Reath LLP and Davies Ward Phillips & Vineberg LLP are serving as SunOpta’s legal counsel. Wildeboer Dellelce LLP is advising a special committee formed by SunOpta.
On Refresco’s side, Simpson Thacher & Bartlett LLP and Bennett Jones LLP are acting as legal advisers.
Financial guidance also spans both sides of the Atlantic. Lazard is advising SunOpta and delivered a fairness opinion to its board. Scotiabank is advising SunOpta’s special committee and likewise provided a fairness opinion. Refresco is being advised by Morgan Stanley.
Financing commitments for the acquisition have been secured from Morgan Stanley Senior Funding and KKR Capital Markets.
The Skadden team advising on the deal is led by partners Daniel Luks and Sean Doyle. Simpson Thacher’s deal team is headed by partners Breen Haire, Shamus Crosby and David Bumgardner. Additional deal team details were not available as of press time.
As the beverage industry navigates shifting consumer demand and supply chain recalibration, Refresco’s move to acquire SunOpta could prove a pivotal moment — blending scale, capital and strategic ambition into one sweeping transaction.
