Lassonde

Canaccord Genuity / CG Sawaya Partners Acts as Exclusive Financial Advisor to Lassonde on its US$235 million Acquisition of Summer Garden Food Manufacturing

Canaccord Genuity / CG Sawaya Partners is pleased to announce that on June 21, 2024, its client Lassonde Industries Inc. (TSX:LAS.A) (“Lassonde” or the “Company”) entered into an agreement to acquire Summer Garden Food Manufacturing (“Summer Garden”), a US based manufacturer and distributor of specialty food products, for a total cash consideration of approximately US$235 million. By way of additional consideration, a further amount of up to US$45 million may be payable over the next three years, should certain financial targets be achieved and other conditions met.

Located in Boardman, Ohio, and employing approximately 200 people, Summer Garden develops, manufactures and markets a wide range of premium sauces and condiments, including tomato and cream-based pasta sauces, BBQ sauces, dipping sauces and dressings. Its portfolio consists of approximately 250 products sold through more than 20,000 locations under the Gia Russa and Little Italy in the Bronx brands and under the G. Hughes brand, a leader in the US sugar-free BBQ sauce segment. Summer Garden also acts as a co-packer for well-known brands.

The transaction supports Lassonde’s ambition in becoming a more diversified North American food and beverage player by growing its presence in the specialty food market. The transaction will nearly double the Company’s specialty food product sales and expand its reach in the US market. It marks another important step in the execution of the Company’s long-term strategy and moves it closer to achieving its objective of $3 billion in sales with further margin expansion.