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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-

DCF Assumptions

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Lazard

Open
WACC
9.0% – 10.0%
Terminal method
Perpetuity growth
Terminal assumption
2.25% – 2.75%
Forecast basis
Management Forecasts
Forecast period
fiscal year 2026 through fiscal year 2030

Scotia Capital

Open
WACC
8.5% – 9.5%
Terminal method
Both
Terminal assumption
Exit multiple 6.8x – 9.1x (terminal year Adjusted EBITDA); Perpetuity growth 1.5% – 2.5%
Forecast basis
Projected Financial Information provided by and approved for Scotia Capital's use by the… more

Projected Financial Information provided by and approved for Scotia Capital's use by the management of the Company

Forecast period
fiscal years 2026 through 2030
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