Otsuka Pharmaceutical has agreed to acquire Canada-based Daiya Foods which specializes in the manufacturing plant-based foods.
The acquisition, reported at 405 million Canadian dollars, is expected to help increase Daiya's presence throughout North America and beyond, while creating a global plant-based platform.
The acquisition will proceed by way of Plan of Arrangement under British Columbia law. The Arrangement has been approved by the Daiya board and will be subject to, among other things, the approval of Daiya shareholders, receipt of court approval and the satisfaction of certain other customary closing conditions.
Otsuka operates worldwide, including in the US and Canada, where it offers popular brands like Nature Made vitamins. 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.
Tatsuo Higuchi, President and Representative Director of Otsuka commented, "We are excited to welcome Daiya to Otsuka group. 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 was among the pioneers in developing delicious, plant-based cheese alternatives. The company has demonstrated its brand extendibility, now offering a wide range of successful plant-based food products 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 leading 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," explains 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 Tierneywill continue from Daiya's current headquarters in Vancouver, Canada.
Piper Jaffray served as sole financial advisor and Fasken Martineau LLP acted as legal counsel to Daiya.
