Otsuka to acquire Canadian plant-based food company
4 Aug 2017Holistic healthcare company Otsuka Pharmaceutical is to acquire 100% of Daiya Foods, a privately held Vancouver, Canada-based company specialising in the manufacture of plant-based foods.
Holistic healthcare company Otsuka Pharmaceutical is to acquire 100% of Daiya Foods, a privately held Vancouver, Canada-based company specialising in the manufacture of plant-based foods. The acquisition, reported at CAN$405 million, is expected to help increase Daiya's presence throughout North America and beyond, while creating a global plant-based platform.
Otsuka operates worldwide, including in the US and Canada, where it offers brands like Nature Made vitamins. The acquisition of Daiya greatly expands Otsuka's product portfolio, the company says, adding a new category of plant-based products in North America, and provides Daiya with a like-minded partner with expertise in consumer brands, R&D and manufacturing, and global markets."We are excited to welcome Daiya to Otsuka group,” said Tatsuo Higuchi, President and Representative Director of Otsuka. “Driven by a highly talented management team, Daiya has developed a portfolio of high-quality, unique plant-based nutrition products and built a strong brand with loyal customers. We believe this will be an important pillar for our nutraceutical1 business. With our shared values, vision and mission, together we will commit to the better wellness of people worldwide."Founded in 2008, Daiya develops plant-based cheese alternatives and its products are found in more than 25,000 stores across North America, as well as in select international markets. Daiya is also one of the founding members of The Plant Based Foods Association, a trade association that represents 75 of the US's leading plant-based foods businesses."Joining the Otsuka family is an honor for all of us at Daiya. With aligned values and vision, Daiya and Otsuka have a tremendous opportunity to bring the incredible benefits of a plant-forward lifestyle to people around the world," said Terry Tierney, Daiya's CEO. "Our partnership with Otsuka enables us to leverage their expertise and vast resources to continue growing our line of great-tasting, allergy-friendly food products that have delighted consumers for over 10 years."Operations and management under the leadership of CEO Terry Tierney will continue from Daiya's current headquarters in Vancouver, Canada.