SunOpta (SOY-T) has cleared a major hurdle on the path to being acquired by Dutch firm Refresco, after 98.06 per cent of shareholder votes approved the deal during a special meeting on April 16.

This will bring to an end the independence of a more-than-50-year-old firm that traces its roots back to Canada, where it was founded in 1973 and still trades on the TSX.

(Editor’s note: SunOpta has obtained final approval April 23 from the Ontario Superior Court of Justice for the proposed acquisition by Refresco)

Today its product line includes fruit snacks, plant-based beverages, broth and stock, as well as plant-based ingredients. SunOpta is today headquartered in Eden Prairie, Minn.

Rotterdam-based Refresco will pay US$6.50 per share in cash for SunOpta, the company announced.

SunOpta joining private-label giant

Refresco is a “global independent beverage solutions provider for retailers and global, national and emerging (GNE) brands in Europe, North America and Australia,” according to its website. In 2022, investment firm KKR (Kohlberg Kravis Roberts & Co.), acquired a majority stake in Refresco.

The company manufactures private label products such as soft drinks, fruit juices and other beverages.

It operates 75 manufacturing sites in Europe, Australia, U.S., Canada and Mexico. It has more than 14,000 employees and brought in almost CDN$10 billion in revenue and CDN$1.3 in EBITDA in 2025, according to its most recent annual report.

“The acquisition of SunOpta is highly complementary and significantly broadens our position in the fast-growing plant-based beverages category. It further enhances our existing North American presence and capabilities, supporting a more balanced geographic footprint between North America and the rest of the world,” Steve Presley, chief executive officer of Refresco, said in a release announcing the deal in February.

The deal, which is expected to close in the second quarter of 2026, requires court approval under the Canada Business Corporations Act. The final order to approve the deal will be heard before the Ontario Superior Court of Justice on April 22, according to SunOpta.

Founded as steam technology company

SunOpta was founded as Stake Technology, a firm that developed “proprietary steam explosion technology to convert biomass into feedstock by pulverizing trees to extract the cellulose thereby using trees to feed animals instead of ‘people food’ like corn and soy,” according to its website.

It went through a number of iterations, acquiring many food and beverage companies and was listed on the TSX in 2001. It also trades on the NASDAQ exchange under the symbol STKL.

However, under the terms of the Refresco deal, SunOpta will become a wholly-owned subsidiary and its shares will no longer be publicly traded.

In 2003, the company it changed its name to SunOpta. It has a production facility in St. Davids, Ont.

 “This strategic combination validates our vision of transforming SunOpta into a premier solutions partner in the high-growth better-for-you food and beverage space. This partnership with Refresco provides the resources and scale to unlock SunOpta's full potential,” Brian Kocher, chief executive officer of SunOpta, said in the same February release.