NEW YORK--(BUSINESS WIRE)--Tourbillon Capital Partners, L.P. today issued the following statement regarding SunOpta Inc’s. ("SunOpta") (Nasdaq:STKL) (TSX:SOY) strategic partnership with Oaktree Capital Management, L.P.:
“As the impetus behind this strategic process and the largest economic shareholder of SunOpta, representing an approximately 25% economic interest and 9.9% voting interest, we are pleased SunOpta has accepted this strategic investment and oversight from Oaktree. We believe this partnership -- in addition to the Board appointments of proven, experienced leaders -- greatly improves the probability and timing of long term shareholder value creation, compared to the status quo and other potential strategic options. In addition to this strategic investment, the commitment to further review governance and leadership substantiates our view that SunOpta was and is vastly undervalued, with sub-optimal operations and utilization amidst a rapidly growing secular backdrop of healthier eating across the globe.
“Over the past several years, we have spent time with SunOpta's management team and members of the Board discussing our strategic and operational suggestions, and we are encouraged to see the Company taking appropriate actions to improve and accelerate its long-term performance. Further, we are pleased that SunOpta is actively strengthening its Board with the addition of Dean Hollis, Dr. Albert Bolles and Brendan Springstubb, three seasoned executives with relevant skills and history in operational excellence and turnarounds in food and consumer packaged goods.
“We remain confident in SunOpta’s potential as it enters this new chapter and look forward to the initial results of the thorough review of SunOpta's operations, management, and governance on its third quarter earnings call.”