date:May 24, 2013
Lassonde Industries has entered into an agreement to increase its stake in Clement Pappas and Company (CPC), a leading private brand supplier of cranberry sauces and beverages, from 70.7% to 84%. The deal is valued at $21.2m.
Lassonde has agreed with members of the Pappas family to purchase all of the shares of CPC held by the Pappas family members other than Clement David Pappas, a long-time CPC executive and its current CEO.
The purchase price of $21.2m is to be paid cash and will be funded