February 22, 2023
Cascadia Capital, an investment bank serving middle-market clients globally, announced that its client Turtle Island Foods, dba Tofurky, a leading plant-based foods brand that manufactures and markets products in the United States, has been acquired by Morinaga Nutritional Foods, Inc. a subsidiary of Tokyo-based Morinaga Milk Industry Co., Ltd. Cascadia Capital served as the exclusive financial advisor to Tofurky in the transaction.
Founded by Seth Tibbott in 1980, Tofurky is a pioneer in the U.S. plant-based foods market, originally making from-scratch tempeh for the local community. The company leveraged its humble origins in tempeh and roasts to build a cult following and expand the brand into a wide range of plant-based categories including deli slices, sausages, and chick’n. With a commitment to taste and nutrition and a track record of innovation, Tofurky provides Morinaga Nutritional Foods with a unique opportunity to strengthen its plant-based foods business in North America and expand beyond Morinaga’s industry-leading tofu products.
“Tofurky was one of the earliest pioneers in plant-based foods and has been a steadying force for the industry,” said Erik Einwalter, Cascadia Capital Managing Director. “The strategic buyer community continues to show an appetite for acquisitions that expand their plant-based foods portfolios and geographic reach. We are grateful to Jaime and the team for having been a part of the Tofurky story.”
“We selected Cascadia as our partner because of their plant-based foods industry experience and their cultural alignment with our shareholders and management,” said Jaime Athos, CEO of Tofurky. “We are eager to enter this next chapter with Morinaga and to further cement Tofurky’s leadership position in plant-based foods in North America.”
“Tofurky is a class-leading asset, and with financial and operational support of Morinaga, the brand will see enhanced momentum nationally and internationally,” said John Gulvezan, Cascadia Capital Vice President. “While the sector has experienced volatility over the past eighteen months, we believe the underlying long-term trends will fuel plant-based foods growth as the industry continues to mature.”
The Tofurky acquisition represents another successful transaction for Cascadia in the branded food sector and our continued demonstration of our experience in plant-based foods. Recent clients include Follow Your Heart, Green River Spirits, Pancho’s, Campos Coffee, and Pretzilla.
For more information about this transaction, please contact the Cascadia Capital deal team:
Or other senior members of the Cascadia Food, Beverage & Agribusiness practice:
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