Refresco to Buy Plant-Based Milk Leader SunOpta for $1.1B After Boost in Sales & Demand
Dutch beverage giant Refresco has agreed to acquire US plant-based food and drink company SunOpta in a $1.1B deal, which is set to complete in Q2 2026.
In a sign that non-dairy milk still holds clout, Dutch beverage producer Refresco has agreed to buy veteran US plant-based business SunOpta for $1.1B.
Refresco, which sells soft drinks, fruit juices, alcohol and plant-based milks, will pay $6.50 per share in the all-cash deal, indicating an equity value of $829M for SunOpta and including its nearly $266M of debt.
The transaction is expected to be completed in Q2 and will boost Refresco’s North American presence and expand into foodservice and new categories.
SunOpta produces plant-based milks, creamers, broths and fruit snacks for brands, foodservice providers and private-label ranges, in addition to selling non-dairy alternatives through its Sown, Dream and West Life brands.
“SunOpta represents an exceptional strategic addition to our portfolio and is consistent with our proven growth strategy to expand our capabilities into adjacent beverage categories,” said Refresco CEO Steve Presley.
SunOpta bucks plant-based milk trend with revenue growth
With roots in Canada, SunOpta has been around since 1973 and has a portfolio of more than 300 plant-based products. It sells a range of plant-based milks under the Dream brand, a line of oat creamers through Sown, and high-protein soy milks via West Life.
The company also makes better-for-you snacks, and last year sold its global ingredients division to Amsterdam Commodities for around $390M, aiming to use the money to double down on its plant-based milk business and pay off some of its debt.
In the US, dollar and unit sales of milk alternatives were down by 3% and 5%, respectively, in the 52 weeks ending September 7, 2025, according to Circana. But despite this decline, SunOpta enjoyed continued growth last year.
The company reported a year-on-year revenue growth of nearly 17% in Q3 2025, with sales reaching $205.4M in the three-month period. Its CEO, Brian Kocher, ascribed the performance to “category tailwinds and several pipeline opportunities” originally anticipated for 2026.
“Our new business pipeline and category demand are exceeding expectations. Customers are demanding additional capacity at a rate and speed we had not anticipated,” he said, noting that the “speed and magnitude” of the volume growth stressed SunOpta’s supply chain.
It’s why the company announced a new aseptic manufacturing line at its facility in Texas, which is expected to come online in late 2025. “Along with the previously announced fruit snack line in Omak, Washington, we are positioned to meet expected market demand through the end of 2028,” said Kocher.
SunOpta eyes ‘high-growth’ better-for-you space
Refresco and SunOpta share a lot of synergies, including their expertise in co-manufacturing. Following the acquisition, the latter will be delisted from the Nasdaq and the Toronto Stock Exchange, and become a wholly owned subsidiary of the Dutch company.
“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,” said Presley.
“Acquiring SunOpta enables us to further expand our offerings to our existing retailer and branded customers, while adding leading out‑of‑home customers and capabilities to Refresco that are aligned with our long-term value creation strategy.”
Kocher said the deal provides the resources and scale to unlock SunOpta’s full potential. “Over the past several years, we’ve built exceptional platforms serving marquee customers and consistently delivering double-digit growth while maintaining the highest food safety and quality standards,” he noted.
“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,” he added.
Consolidation has become second nature to the alternative protein industry, with more than 60 companies in the sector either being part of an M&A deal, filing for insolvency, or shutting down since September 2024.
In the US, Bettani Farms bought fellow plant-based businesses Hungry Planet, Numu and Stockeld Dreamery, Prosperity Organic Foods took over vegan dairy brand Miyoko’s Creamery, and Paine Schwartz Partners’s Urban Farmer acquired Caulipower, all in the last three months. Elsewhere, Turkey’s Eti Gıda completed its purchase of Miami-based plant protein firm Trubar for $173M this week.