SunOpta

SunOpta is a Canadian plant-based food and beverage company that offers a range of non-GMO and plant-based beverages, ingredients, fruits, and snacks. The company manufactures plant-based milks mainly using soy, oats, almonds, coconuts, and hemp. SunOpta also manufactures concentrated base formulas using soy, oats, and hemp that are used as ingredients for plant-based yogurt, ice-cream, creamers, spreads, and cheese.

The company also manufactures vegetarian broths and stocks, fruit-based ingredients, and fruit-based snacks. SunOpta has a global presence with 16 locations across 3 countries under 5 categories: ingredients, co-manufacturing, private label, foodservice outlets, and consumer brands such as Sunrich, Sunrise Growers, Arbor bars, and Sown.

Founded as Stake Technology in 1973, the company initially focused on developing feedstock with biomass using its proprietary steam explosion technology. In 1999, the company pivoted to producing organic foods and changed its name to SunOpta in 2003. In 2019, SunOpta divested its organic soy and corn business to Pipeline Foods for CAD 66.5 million (USD 50.3 million).

In 2007, SunOpta acquired the organic ingredient company, Tradin Organic Agriculture and in November 2020, SunOpta signed an agreement with Amsterdam Commodities (Acomo), to divest Tradin Organic Agriculture for a purchase consideration of EUR 330 million (USD 390 million). The proceeds were used to expand SunOpta’s plant-based foods and beverages segment.

In February 2021, SunOpta made an undisclosed investment in its plant-based manufacturing facility in Pennsylvania to expand its production capacity effective from Q4 2021 and driving anticipated sales revenue of USD 100 million by the end of 2022. In August 2021, the company announced plans for a new plant-based beverage production facility in Midlothian, Texas. The new facility is expected to initially be 285,000 square feet, with an optional 400,000 square feet for expansion. The company expects the facility to start operating by late 2022.

SunOpta also revealed the closure of its frozen fruit manufacturing facility in California to reduce the cost basis of its frozen foods business.

The company further solidified its presence in the plant-based dairy industry with the acquisition of the “Dream” and “WestSoy” brands from the Hain Celestial Group for USD 33 million in April 2021. Dream is a plant-based milk brand offering shelf-stable soy, rice, almond, coconut, and oat beverages. WestSoy is a USDA-certified plant-based milk brand offering shelf-stable soy beverages. At the time of the acquisition, SunOpta manufactured around 50% of Dream’s product range and 100% of the WestSoy product portfolio.