ROUGEMONT, Que. — Quebec’s Lassonde Industries is buying the New Jersey-based Clement Pappas and Co., for US$390-million, in an effort to build its pure fruit juice and fruit drink processing and marketing business in the U.S.
Lassonde, which operates facilities in Ontario, Quebec and Nova Scotia, processes its freshly squeezed juices under a variety of brand names, including Allen’s and Oasis.
Clement Pappas is the second-largest producer of store-brand, ready-to-drink fruit juices in the U.S. with approximately 630 employees and sales of US$390-million for fiscal 2010.
When the sale closes, Lassonde will own 71 per cent of Clement Pappas, while the Pappas family will retain 19 per cent and the Lassonde family will hold 10 per cent.
