July 27, 2017
Otsuka Pharmaceutical Co., Ltd.
Otsuka Pharmaceutical to Acquire Daiya, a Rapidly Growing Plant-Based Food Company in North America
Tokyo, Japan - July 27, 2017 - Otsuka Pharmaceutical Co., Ltd. ("Otsuka Pharmaceutical") today announced that it has reached a definitive agreement to acquire all of the issued and outstanding shares of Daiya Foods Inc. ("Daiya"), for 405 million Canadian dollars ("CAD") in cash.
Daiya was founded in Vancouver, Canada in 2008, with the purpose of providing plant-based foods. Since then, Daiya has successfully expanded into the large US market, while continuing to grow its Canadian business. Today, Daiya derives most of its revenue from the US, and has expanded the plant-based food platform in North America. The brand has broad consumer appeal and high brand elasticity, offering a growing portfolio of delicious, plant-based foods, including cheese alternative products, yogurt alternatives, dressings and desserts. Daiya's products attract a wide range of consumers, appealing to those with high health consciousness, as well as vegans, vegetarians and consumers with food allergies and intolerances. Daiya is experiencing tremendous success with existing and new retailers across channels in North America. Daiya tripled its sales in the last three years (2013-2016) and generated net sales of approximately CAD 90 million over the last twelve months, rapidly growing in the North American market.
Otsuka Pharmaceutical operates under the corporate philosophy of "Otsuka - people creating new products for better health worldwide." We, as a total healthcare company, aim to care for people's overall health not only by treating illness, but also by sustaining and improving day-to-day well-being. The acquisition of Daiya enables us to widen our nutraceutical*1 product portfolio by entering a new category of plant-based products, and to expand our nutraceutical footprint in North America. Furthermore, Otsuka Pharmaceutical and Daiya will share their expertise in R&D and manufacturing to accelerate mutual growth. In addition, Otsuka Pharmaceutical will actively seek ways to expand Daiya's sales into other markets that we distribute in, such as Europe and Asia. Partnering with Daiya, Otsuka Pharmaceutical will continue to expand our global nutraceutical business to contribute to the health of people all over the world with innovative products.
- 1nutrition + pharmaceutical
Tatsuo Higuchi, president and representative director of Otsuka Pharmaceutical commented, "We are excited to welcome Daiya to Otsuka group. Driven by a highly talented management team, Daiya has developed high quality and 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."
Terry Tierney, CEO of Daiya, commented, "For 10 years, the Daiya brand has been pioneering plant-based food products that have delighted families across North America. We are excited to join the Otsuka family, which will enable us to carry forward with our mission of introducing the brand to more consumers around the globe. We are also honored to be joining a company that believes as strongly as we do in pursuing passion in our work to improve human health and devotion to our core values."
Information in this news release was current as of the original release date.