Daiya Foods, a Canadian plant-based food specialist, has been acquired by a subsidiary of Japan’s Otsuka Holdings for 405 million Canadian dollars.
The deal will create a global plant-based platform, boosting Daiya’s presence in North America and beyond.
For Otsuka, the acquisition broadens its product portfolio with the addition of plant-based products in North America.
Daiya is 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.
CEO Terry 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.”
He added: “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.”
Mr Tierney will continue to held the company’s operations and management from its Vancouver HQ.