--- schema_version: "secwatch.filing_event.v1" accession: "0001062993-23-019477" form_type: "8-K" ticker: "STKL" cik: "0000351834" company_name: "SunOpta Inc." filed_at: "2023-10-17T23:59:59+00:00" generated_at: "2026-06-09T22:53:32.648125+00:00" event_type: "m_and_a" sentiment: "positive" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # SunOpta sells frozen fruit assets for $141M, reports preliminary Q3 revenue ~$152M (+6% YoY), appoints Greg Gaba as CFO. ## Summary - 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. ## SEC filing metadata - accession: 0001062993-23-019477 - form_type: 8-K - ticker: STKL - cik: 0000351834 - company_name: SunOpta Inc. - filed_at: 2023-10-17T23:59:59+00:00 - event_type: m_and_a - sentiment: positive - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 1.01, 2.01, 2.02, 5.02, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/351834/000106299323019477/0001062993-23-019477-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/351834/000106299323019477/form8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001062993-23-019477 - JSON: https://secwatch.observer/filing/0001062993-23-019477.json - Plain text: https://secwatch.observer/filing/0001062993-23-019477.txt ## Key facts - Earnings Releases 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 source text: Total revenue from continuing operations is expected to be approximately $152 million in the third quarter of 2023 evidence_url: https://www.sec.gov/Archives/edgar/data/351834/000106299323019477/0001062993-23-019477-index.htm - Executive change 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/351834/000106299323019477/0001062993-23-019477-index.htm - Executive change Greg Gaba was appointed as Chief Financial Officer at SunOpta Inc.. - Action: promoted - Role: Chief Financial Officer source text: Upon Mr. Huckins' departure, Greg Gaba was promoted to the role of Chief Financial Officer of the Company effective October 13, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/351834/000106299323019477/0001062993-23-019477-index.htm - M&A Transactions 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/351834/000106299323019477/0001062993-23-019477-index.htm - Material Agreements 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 source text: 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 "). evidence_url: https://www.sec.gov/Archives/edgar/data/351834/000106299323019477/0001062993-23-019477-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.