Vancouver, Canada– Plant-based food manufacturer Daiya Foods Inc. is being sold to Otsuka Pharmaceutical Co., Ltd., and the reported $325.3 million acquisition will help increase Daiya’s presence throughout North America while creating a global plant-based platform, the company announced.

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.

“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," said Tatsuo Higuchi, president and representative director of Otsuka.

Founded in 2008, Daiya was among the pioneers in developing delicious, plant-based cheese alternatives. The company now distributes its plant-based food products in more than 25,000 stores across North America, as well as in select international markets.

Daiya is also one of the founding members ofThe Plant Based Foods Association, a trade association that represents 75 of the U.S.'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, in a statement. "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 Vancouver headquarters, the company said.

(Published on Whole Foods Magazine Online, 7/28/17)