SunOpta Inc., a seller of organic and specialty foods, agreed to buy Sunrise Holdings Inc. in a $450 million deal to expand its frozen-fruit offerings.
The acquisition will add 4 cents to adjusted earnings per share in fiscal 2016 and 5 cents the following year, Brampton, Canada-based SunOpta said Friday in a statement. Sunrise is owned by an investor group led by affiliates of Paine & Partners LLC.
SunOpta, which sells a range of products from non-genetically modified soybeans to Nature’s Finest orange juice, said the purchase will complement its frozen-fruit business. Sunrise generates about $300 million in annual sales and has facilities in California, Kansas and Mexico.
SunOpta shares rose 3.8 percent to $10.70 at the close in New York. The stock has fallen 9.7 percent this year.