07:12 AM EDT, 06/21/2024 (MT Newswires) -- Lassonde Industries (LAS-A.TO) late on Thursday said it will buy the owner of U.S.-based Summer Garden Food Manufacturing for US$235 million ($321.9 million).

Summer Garden, an Ohio-based manufacturer and distributor of specialty foods with about 200 employees, is owned by the Zidian Group.

Lassonde will pay an additional amount of up to US$45 million over the next three years if certain financial targets are achieved and other conditions met.

The transaction, which is slated to close within 45 days, is expected to be accretive to margins and earnings before synergy considerations, the company said.