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Fairness Opinion Detail

STKL FOOpen source

SunOpta to Refresco

Packaged Foods/Feb 2026/Lazard, Scotia Capital

Deal Information

Target
SunOpta
Acquiror
Refresco
Sector
Packaged Foods
Target Type
Public
Acquiror Type
Strategic
Advisors
Lazard, Scotia Capital

Transaction Metrics

Enterprise Value
$1.1B
EV / LTM Sales
1.3x
EV / LTM EBITDA
12.0x
EV / Fwd EBITDA
10.8x

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Lazard

EV/LTM Adjusted EBITDA selected range: 9.0x - 12.0x

11 comps
Nov 2025TreeHouse Foods, Inc.Investindustrial--8.0x-
Jul 2025WK Kellogg CoFerrero International S.A.--11.4x-
Jan 2025Sauer Brands Inc.Advent International--11.0x-
Dec 2024Harris Freeman & Co (Tea Business)TreeHouse Foods, Inc.--8.5x-
Dec 2023Shearer's FoodsClayton Dubilier & Rice--10.0x-
Oct 2023Sugar Foods CorporationPritzker Private Capital--10.0x-
Aug 2023Alphia, Inc.PAI Partners--10.7x-
Aug 2022TreeHouse Foods, Inc. (Meal Prep Business)Investindustrial--13.6x-
Apr 2021Olde ThompsonOlam Food Ingredients--11.5x-
Apr 2021Dessert HoldingsBain Capital Private Equity--13.0x-
Mar 2021Aryzta AG (North America)Lindsay Goldberg--13.6x-
Mean-11.0x-
Median-11.0x-

Advisor: Scotia Capital

EV/LTM EBITDA selected range: 8.5x - 11.5x

16 comps
Nov 2012Ralcorp Holdings, Inc.ConAgra Foods, Inc.--12.2x-
Sep 2013Dakota Growers Pasta Company, Inc.Post Holdings, Inc.--8.4x-
Jun 2014Flagstone FoodsTreeHouse Foods, Inc.--11.5x-
Jul 2015Sunrise Holdings, Inc.SunOpta, Inc.--11.5x-
Nov 2015ConAgra Foods' Private Brands OperationsTreeHouse Foods, Inc.--9.0x-
Nov 2016Peacock FoodsGreencore Group Plc--10.0x-
Jul 2017Cott Corporation's Bottling BusinessRefresco Group N.V.--9.2x-
Oct 2017Refresco Group N.V.PAI Partners SAS & British Columbia Investment Management Corporation--8.5x-
Oct 2018Greencore Group's U.S. BusinessHearthside Food Solutions LLC--14.2x-
Aug 2022TreeHouse's Meal Prep BusinessInvestIndustrial SA--13.6x-
Oct 2023SunOpta's Frozen Fruit AssetsNature's Touch Frozen Foods LLC--9.4x-
Jun 2024Summer Garden Food ManufacturingLassonde Industries, Inc.--8.4x-
Dec 2024Harris Tea's Private Brand SubsidiariesTreeHouse Foods, Inc.--8.5x-
May 2025Bakkavor Group PlcGreencore Group Plc--10.7x-
Jun 20258th Avenue Food & Provisions, Inc.Post Holdings, Inc.--7.7x-
Nov 2025TreeHouse Foods, Inc.InvestIndustrial SA--8.4x-
Mean-10.1x-
Median-9.3x-