8-K
filed October 17, 2023, 7:59 PM ET
ticker STKL
CIK 0000351834
M&A
confidence high
sentiment positive
materiality 0.85
SunOpta Inc. (STKL): M&A transaction — SunOpta sells frozen fruit assets for $141M, reports preliminary Q3 revenue ~$152M (+6% YoY), appoints Greg Gaba as CFO.
SunOpta Inc.
- Sold frozen fruit assets to Nature's Touch for $141M (incl. $20M seller notes); net proceeds to reduce debt.
- Preliminary Q3 2023 revenue from continuing ops ~$152M (+6% YoY); adjusted EBITDA ~$18.5-19M.
- CFO Scott Huckins resigns effective Oct 13; Greg Gaba (Deputy CFO) promoted to CFO.
- One-time special cash incentives: Jill Barnett $750k, Scott Huckins $500k for deal completion; Barnett retention bonus $500k.
- Net leverage reduced from 3.7x to 3.4x pro forma; to 3.2x after seller note collection.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
SunOpta Inc. reported third quarter ended September 30, 2023 results: revenue approximately $152 million. Guidance reaffirmed.
- Period
- third quarter ended September 30, 2023
- Revenue
- approximately $152 million
- Guidance
- reaffirmed
- Result
- preliminary results
Exact text from the filing
Total revenue from continuing operations is expected to be approximately $152 million in the third quarter of 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Scott Huckins resigned as Chief Financial Officer and General Manager of Fruit-Based Foods and Beverages at SunOpta Inc..
- Action
- resigned
- Role
- Chief Financial Officer and General Manager of Fruit-Based Foods and Beverages
Exact text from the filing
On October 11, 2023, Scott Huckins notified the Company that he is resigning from his position as Chief Financial Officer and General Manager of Fruit-Based Foods and Beverages of the Company effective October 13, 2023, in order to accept a position with another public company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Greg Gaba was appointed as Chief Financial Officer at SunOpta Inc..
- Action
- promoted
- Role
- Chief Financial Officer
Exact text from the filing
Upon Mr. Huckins' departure, Greg Gaba was promoted to the role of Chief Financial Officer of the Company effective October 13, 2023.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
SunOpta Inc. completed a disposition involving Natures Touch Mexico, S. de R.L. de C.V. and Nature's Touch Frozen Fruits, LLC for $141 million (closed 2023-10-12).
- Action
- disposition
- Counterparty
- Natures Touch Mexico, S. de R.L. de C.V. and Nature's Touch Frozen Fruits, LLC
- Consideration
- $141 million
- Closing
- 2023-10-12
Exact text from the filing
packaging and selling individually quick frozen fruit for retail, foodservice and industrial applications in Edwardsville, Kansas and Jacona, Michoacan, Mexico, valued at $141 million, inclusive of $20 million of seller promissory notes due in three years (the " Transaction "). On October 12, 2023, the Company completed the Transaction in accordance with the
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SunOpta Inc. entered into APA with Natures Touch Mexico, S. de R.L. de C.V. and Nature's Touch Frozen Fruits, LLC valued at $141 million, inclusive of $20 million of seller promissory notes due in three years (effective 2023-10-12).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- Natures Touch Mexico, S. de R.L. de C.V. and Nature's Touch Frozen Fruits, LLC
- Value
- $141 million, inclusive of $20 million of seller promissory notes due in three years
- Effective
- 2023-10-12
Exact text from the filing
On October 12, 2023, SunOpta Inc. (the " Company ") and its subsidiaries, Sunrise Growers, Inc. (the " US Subsidiary ") and Sunrise Growers Mexico, S. de R.L. de C.V. and SunOpta Mx, S.A. de C.V. (the " Mexican Subsidiaries " and together with the Company and the US Subsidiary, " SunOpta ") entered into an Asset Purchase Agreement (" APA ") with Natures Touch Mexico, S. de R.L. de C.V. and Nature's Touch Frozen Fruits, LLC (the " Purchasers ") to sell to the Purchasers certain of SunOpta's assets and liabilities related to the SunOpta's business of processing, packaging and selling individually quick frozen fruit for retail, foodservice and industrial applications in Edwardsville, Kansas and Jacona, Michoacan, Mexico, valued at $141 million, inclusive of $20 million of seller promissory notes due in three years (the " Transaction ").
View on SEC.gov
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