VANCOUVER, B.C. — Otsuka Pharmaceutical Co., Ltd. has entered into a definitive agreement to acquire Daiya Foods Inc., a manufacturer of plant-based foods, for C$405 million ($325.5 million).
“The acquisition … is expected to help increase Daiya’s presence throughout North America and beyond while creating a global plant-based platform,” Otsuka said. “The acquisition of Daiya greatly expands Otsuka’s product portfolio, 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.”
Founded in 2008, Daiya offers a range of plant-based food products that are free of seven major food allergens, including dairy, gluten and soy. Daiya products are available in more than 25,000 stores across North America. Daiya is also one of the founding members of The Plant Based Foods Association, a trade association that represents 75 of the U.S.'s plant-based foods businesses.
|Tatsuo Higuchi, president and representative director of Otsuka|
“We are excited to welcome Daiya to Otsuka,” 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 nutraceutical business. With our shared values, vision and mission, together we will commit to the better wellness of people worldwide."
Following the acquisition, Daiya will continue to operate out of its headquarters in Vancouver under the leadership of its chief executive officer, Terry Tierney.
|Terry Tierney, c.e.o. of Daiya Foods|
“Joining the Otsuka family is an honor for all of us at Daiya,” Mr. Tierney said. “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. 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.”Otsuka operates worldwide, including in the United States and Canada, where it offers brands such as Nature Made vitamins and Soyjoy nutrition bars.