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The sale is expected to close within 20 to 45 days.
Summer Graden Good Manufacturing, owned and operated by Thomas Zidian and his family, was recently sold to a subsidiary of a Canadian corporation for $235 million.
The company was sold to Lassonde Industries, which develops a wide range of private and national brand products, including beverages, soups, fruit snacks and frozen concentrated juices. It also imports wines from various countries.
Lassonde operates 18 factories across Canada and the United States, employing 2,700 full-time equivalent employees.
In addition to the larger sale, an additional $45 million could be paid over the next three years at closing, which is subject to regulatory approvals and other closing conditions, according to a Lassonde news release.
“The acquisition of Summer Garden supports our goal of becoming a more diversified North American food and beverage company,” said Natalie Lassonde, chief executive officer and vice chair of the board of directors of Lassonde Industries, Inc. “Expanding our specialty foods business is one of Lassonde's key strategic objectives, and we are pleased to have found the right company to help us achieve this goal.”
Summer Gardens manufactures a wide variety of sauces, dressings and condiments.
The sale is expected to close within 20 to 45 days.
