Lassonde Industries has entered into a definitive agreement, through one of its U.S. subsidiaries, to acquire The Zidian Group, which operates Summer Garden Food Manufacturing.
The U.S.-based manufacturer and distributor of specialty food is to be bought for a consideration of $235 million, payable at closing. A further amount of up to $45 million may be payable over the next three years, should certain financial targets be achieved and other conditions met.
Located in Boardman, Ohio, and employing approximately 200 people, Summer Garden develops, manufactures and markets a wide range of premium sauces and condiments, including tomato and cream-based pasta sauces, BBQ sauces, dipping sauces and dressings.
Its portfolio consists of approximately 250 products sold through more than 20,000 locations under the Gia Russa and Little Italy in the Bronx brands and under the G Hughes brand, a leader in the U.S. sugar-free BBQ sauce segment. Summer Garden also acts as a co-packer for well-known brands.
“The acquisition of Summer Garden supports our ambition to become a more diversified North American food and beverage company,” said Nathalie Lassonde, Chief Executive Officer and Vice-Chair of the Board of Directors of Lassonde Industries Inc.
“Growing our specialty food activities is one of Lassonde’s key strategic objectives and we are happy to have found the right company to help us achieve this objective. Our culture and values align with those of Summer Garden, which is also a multi-generational family business, with an entrepreneurial spirit and strong commitment to its employees, customers, consumers and the communities in which it operates.
“We are looking forward to closing the transaction and welcoming new talented employees to the Lassonde organization.”