Refresco has swooped to buy US food-and-beverage group SunOpta in a bid to bolster its business in the plant-based drinks market.

Steve Presley, the recently installed Refresco CEO, described SunOpta as “an exceptional strategic addition to our portfolio”.

Netherlands-based Refresco, which manufactures a range of soft drinks from soda and tea to juices and plant-based beverages, is paying $6.50 a share for SunOpta, the companies announced today (6 February).

SunOpta, listed in the US and Canada, manufactures a range of beverages, broths and snacks. The thrust of both companies’ business models is co-manufacturing.

Presley, the former Nestlé executive who was appointed Refresco CEO in August, said: “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.”

He added: "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.”

The boards of both companies have approved the deal, which the businesses said is expected to close in the second quarter, subject to customary closing conditions and SunOpta shareholder approval. Refresco is majority owned by private-equity firm KKR.

Brian Kocher, SunOpta’s CEO, said the sale “provides the resources and scale to unlock SunOpta's full potential”.

He added: “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. 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.”