GlobeNewswire
LOS ANGELES, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Pacific Avenue Capital Partners ("Pacific Avenue"), a Los Angeles-based private investment firm, has acquired Sunrich Products ("Sunrich"), the sunflower and roasted snack division of SunOpta (Nasdaq:STKL) (TSX:SOY). The transaction includes three processing facilities in the upper Midwest, hybrid seed development activities, a collaborative program with independent sunflower growers, and relationships with an extensive set of customers in the food ingredients, snack food, and birdseed markets. Kent Johnson, general manager of Sunrich, will become Chief Executive Officer. Kent will be joined by the rest of Sunrich's leadership team and employee base, ensuring quality products and reliable customer service.
Sunrich, based in Crookston, Minnesota, is an industry-leading integrated provider of farm-to-product sunflower seeds, chickpeas and other nutritious snacks.
"We are excited to partner with Pacific Avenue to accelerate the growth of Sunrich's business by further fulfilling our customers' needs for quality roasted snack products. Our partnership with outstanding growers who produce quality crops enables Sunrich to reliably meet the needs of our customers. We look forward to further innovating our portfolio of healthy products made from sunflower and other healthy crops." - Kent Johnson, CEO, Sunrich Products
The acquisition of Sunrich is another example of Pacific Avenue's ability to partner with corporate sellers to successfully execute carve-outs of non-core business units across a wide variety of industries. Under Pacific Avenue's stewardship, Sunrich will be able to focus its efforts and capital to further serve customer needs and execute on the numerous growth prospects available in the healthy snacks marketplace.
"We are excited about the Sunrich investment and the Company's ability to capitalize on the growing demand for quality farm to product healthy foods for both the human and pet markets," said Chris Sznewajs, Founder and Managing Partner of Pacific Avenue. "This acquisition demonstrates Pacific Avenue's ability to successfully execute complex corporate divestitures. We are excited to partner with the Sunrich leadership team and look forward to investing to grow the business and ensuring we meet the needs of our customers."
About Pacific Avenue Capital Partners
Pacific Avenue Capital Partners, founded by Chris Sznewajs in 2018, is a Los Angeles-based private investment firm focused on corporate divestitures and other complex situations in the middle market. Pacific Avenue has extensive M&A and operations experience allowing the firm to navigate complex transactions and unlock value through operational improvement, capital investment, and accelerated growth. Pacific Avenue takes a collaborative approach in partnering with strong management teams to drive strategic change and assist businesses in reaching their full potential. For more information, please visit www.pacificavenuecapital.com.
About SunOpta Inc.
SunOpta (Nasdaq:STKL) (TSX:SOY) is a U.S.-based, global pioneer fueling the future of sustainable, plant-based and fruit-based food and beverages. Founded nearly 50 years ago, SunOpta manufactures natural, organic and specialty products sold through retail and foodservice channels. SunOpta operates as a manufacturer for leading natural and private label brands, and also proudly produces its own brands, including SOWN™, Dream™, WestSoy™ and Sunrise Growers™. For more information, visit www.sunopta.com and LinkedIn or Twitter.
Image 1: Pacific Avenue Capital Partners, LLC
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Pacific Avenue Capital Partners, LLC
Pacific Avenue Capital Partners, LLC
source: https://www.morningstar.com/news/globe-newswire/8666737/pacific-avenue-capital-partners-acquires-sunoptas-sunflower-and-roasted-snacks-division-sunrich
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