The company announced today that it has signed a definitive agreement to sell its Canadian natural products distribution business, operated as Purity Life Natural Health Products, to an affiliate of Banyan Capital Partners. The transaction is valued at C$14.7 million and is expected to close, subject to certain conditions, early in June 2012.
Purity Life Natural Health Products distributes a wide range of natural health products, including dietary supplements, vitamins, natural body care, and environmentally-friendly household goods throughout Canada, and also manufactures a number of natural health care products. It is believed the company is the biggest stand-alone distributor of these types of products in Canada, with annual revenues of approximately C$60 million.
The sale of Purity is part of SunOpta’s strategy to focus on its core integrated natural and organic foods sourcing and processing platform. The company had sold its US food distribution assets in mid-2010 and this transaction now completes its exit from the distribution business. SunOpta’s president and CEO, Steve Bromley, said, “This transaction further simplifies and focuses our business model while strengthening our balance sheet and positioning our company for future growth opportunities.”
For additional information about SunOpta and its business, please visit the company’s website at www.sunopta.com
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