Canadian agri-food company Lassonde Industries has acquired the US-based juice and beverage company Old Orchard Brands for a total cash consideration of $146m.

Lassonde manufactures and sells a range of ready-to-drink fruit and vegetable juices, which are marketed under brands such as Apple & Eve, Everfresh, Fairlee, Fruité, Graves, Oasis and Rougemont.

With the acquisition of Old Orchard Brands, Lassonde intends to improve its manufacturing footprint and further strengthen its presence in the US juice sector. Additionally, the deal will enable the Canadian firm to enter the frozen concentrated beverage sector.

Lassonde Industries chief executive officer Pierre-Paul Lassonde said: “Adding the Old Orchard brand to our product portfolio will further strengthen our presence in the US national brands sector.

“This transaction fits well within our sustained growth strategy and improves our overall position in the US.”

“This is a perfect match that closes an exciting chapter for our family and employees and opens an even more exciting one.”

The closing of the transaction is expected to take place in May after the companies have obtained the necessary regulatory approvals.

Old Orchard Brands president and chief executive officer Mark Saur said: “I am pleased that we have reached an agreement with Lassonde. It’s the perfect combination of two companies with a long history of success in the juice industry.

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“I am proud of what we have built over the past 30 years and could not think of a better owner of our brand and business than Lassonde.

“I have always admired this family-oriented business, their value system and the quality of their product offering. This is a perfect match that closes an exciting chapter for our family and employees and opens an even more exciting one.”

Established in 1985, Old Orchard is a family-owned beverage company, which produces juice, juice blends, reduced sugar juice-based cocktails, seasonal lemonades and flavoured teas.