Lassonde Industries acquires Clement Pappas and Company
August 12, 2011
400.90 Million USD
On August 12, 2011, Lassonde Industries Inc., along with members of the Pappas and Lassonde families, has completed the previously announced acquisition of Clement Pappas and Company, Inc. ("Clement Pappas"), for a total cash consideration of US$400.9 million, including a US$10.9 million preliminary adjustment to net working capital, subject to additional adjustments. Lassonde has a beneficial ownership of 70.7% of Clement Pappas. Of the remaining 29.3%, 19.3% is held by members of the Pappas family and 10.0% by members of the Lassonde family.
Clement Pappas, headquartered in Carneys Point, New Jersey, is the second largest producer of store brand ready to drink fruit juices and drinks in the United States and a major producer of cranberry juices, drinks and sauces.
Lassonde Industries, headquartered in Rougemont, Québec, is a Canadian manufacturing company, specializing in juice and juice products.
McCarthy Tétrault LLP represented Jefferies Finance, the lender, with a team led by Mary Jeanne Phelan, Richard Higa, and Gabrielle Richards.