Lassonde Industries Inc. Completes Acquisition of Apple & Eve

29 Jul 2014 --- Lassonde Industries Inc. has completed the previously announced acquisition of Apple & Eve, LLC of Port Washington, New York, for a total cash consideration of US$147.9 million.

This amount reflects a preliminary adjustment of US$2.1 million to the net working capital on the previously announced US$150.0 million consideration and is subject to additional adjustments.

Lassonde has a beneficial ownership of 90% of Apple & Eve. Members of the Lassonde family own the remaining 10% equity interest through their existing equity interest in the acquiring U.S. subsidiary and a proportionate capital contribution to the acquisition financing.

The acquisition and certain fees have been financed as follows: US$75.0 million under the term credit facility of a Lassonde U.S. subsidiary, US$67.5 million from a combination of cash, cash equivalents on hand and Lassonde’s Canadian operating credit facility, with the remaining US$7.5 million provided by equity investment of members of the Lassonde family. Financing fees are estimated at US$2.0 million while other fees related to the transaction are estimated at US$3.5 million.