Paine & Partners LLC announced the complete sale of California-based conventional and organic frozen fruit processor, Sunrise Growers to SunOpta Inc. for $450 million.

 

Acquired by Paine & Partners in 2013, Sunrise Growers accomplished three acquisitions and multiple growth capital investments under the firm’s leadership resulting in strong performance in both revenues and earnings before interest, taxes, depreciation and amortization (EBITDA), that have resulted in the further diversification and expansion of its customer base, supply chain, and its distribution footprint.

 

“Since our acquisition of Sunrise, we have worked closely with the management team to significantly grow the business through strategic acquisitions and growth capital investments, positioning Sunrise to capitalize on the tremendous opportunity in the private label frozen fruit category,” said Kevin Schwartz, president and founding partner of Paine & Partners. “With the transaction completed, we are confident that Sunrise will continue to thrive under the leadership of SunOpta.”

 

Located in California, Sunrise Growers is a leading processor of a variety of both conventional and organic frozen fruit in the United States. Its varied product line and packaging formats services retail private label and foodservice customers through its strategically-located global network.

 

Working together with Paine & Partners allowed us to build on Sunrise’s position as the leading private label frozen fruit supplier with a global footprint and strong customer and grower partner relationships,” said Edward Haft, president and CEO of Sunrise. “Looking ahead, we are excited to be part of the global team at SunOpta and believe we are well positioned for continued growth and success.”