The Canadian Press
ROUGEMONT, Que. - Lassonde Industries Inc. (TSX: LAS.A) said Tuesday it has signed a deal to increase its stake in Clement Pappas and Company, Inc. to 84 per cent from 70.7 per cent for US$21.2 million.
The fruit and vegetable juice company said it has agreed to buy all of the CPC shares held by the Pappas family other than Clement David Pappas, the company's current CEO.
Clement David Pappas will continue to hold a six per cent stake and members of the Lassonde family will own 10 per cent.
Lassonde said it expects to record a gain of U$800,000 as a result of the purchase because it also extinguishes financial liabilities associated with the purchased shares.
Lassonde makes and sells fruit and vegetable juices and drinks under several brands including Everfresh, Fairlee, Flavur, Fruite, Graves, Oasis and Rougemont.