Jamieson Wellness Inc., manufacturer and marketer of Canada’s #1 vitamins, minerals and supplements brand, announced Thursday that it has entered into a definitive arrangement agreement with Kirin Holdings Company, Limited where Kirin has agreed to acquire all of the issued and outstanding common shares of Jamieson at a price of C$45.75 per share in cash.
The transaction values Jamieson at approximately C$2 billion on a fully diluted equity value basis and approximately C$2.5 billion on an enterprise value basis. The consideration represents a 27% and 32% premium to the 20-day volume-weighted average price and 60-day VWAP on the Toronto Stock Exchange, respectively, for the period ending June 24, the last full day of trading prior to the media report and the company’s press release confirming the initiation of a process in regard to a potential transaction, said a news release.
“Today marks an exciting new chapter for our Company and for our iconic 104-year-old brand,” said Mike Pilato, President and CEO of Jamieson Wellness. “I am incredibly proud that our business will continue to flourish globally under the stewardship of a company with an even longer history and a deep commitment to health and wellness.
“From the beginning, it was clear that Kirin recognizes the importance of our heritage, our people, and our Canadian roots. Just as importantly, they are committed to investing in our brands. As a global C$22 billion leader in beverage, natural health, and consumer health, they bring the expertise, reach, and resources to help take our brands to the next level while preserving what has made Jamieson successful for more than a century.
“I want to sincerely thank our team, whose passion, commitment to our values, and entrepreneurial spirit have built this remarkable company over generations. Their belief in our Purpose of Inspiring Better Lives Every Day has enabled us to create a business that is respected both in Canada and around the world. I also want to thank our Board of Directors, partners, customers and shareholders for their trust and support throughout our journey. I firmly believe this transaction represents the best possible outcome for our Company, our talented team, and our shareholders. I look forward to working closely with our new colleagues as we continue building on our momentum from Toronto to drive growth globally for many years to come.”
“The Board carefully evaluated this transaction and unanimously concluded that it represents the best path forward for our Company and our shareholders,” said Tim Penner, Chair of the Board of Jamieson Wellness. “Throughout this process, our priority was to find a partner that not only recognized the significant value of our business and brands, but also shared our long-term commitment to our Purpose and values, innovation, and responsible growth.
“We are particularly pleased to have found a partner that appreciates the extraordinary heritage of this 104-year-old Canadian company and is committed to preserving and building upon that legacy. While today marks the end of one chapter in our company’s history, it also marks the beginning of an exciting new one. We believe this partnership will ensure that this iconic Canadian company, its brands, and its values continue to thrive for generations to come.”
“We are delighted to welcome Jamieson Wellness to the Kirin Group,” said Takeshi Minakata, COO of Kirin. “Kirin has deep respect for the Company’s rich heritage, the trust it has built with consumers, and the values that have guided its success over generations. This Transaction represents an important milestone in Kirin’s long-term growth strategy and a significant step in expanding our Health Science business into North America, the world’s largest vitamins and dietary supplements market. We look forward to supporting Jamieson Wellness’ continued success and creating sustainable value together for consumers, employees, shareholders, and communities.”
“The acquisition of Jamieson Wellness marks an important step in advancing Kirin’s Health Science vision to become a global leader in preventative health,” added Alastair Symington, CEO & Managing Director of Blackmores Limited. “It brings trusted brands, strong capabilities in innovation, brand building, manufacturing and go-to-market execution, and a scalable platform in the important North American market. Together, Kirin, Blackmores, FANCL and Jamieson Wellness strengthen a global platform now connecting North America, Asia and Oceania. By bringing together the distinctive strengths of our brands, the rich heritage of our businesses and the depth of talent from within our organisations, we will be better positioned to deliver preventative health solutions to more consumers globally while accelerating sustainable growth and long-term value for our customers.”
Kirin Holdings Company, Limited is a global company operating across five core business domains spanning Alcoholic Beverages, Non-alcoholic Beverages & Health Science, Non-alcoholic Beverages, Health Sciences, and Pharmaceuticals. The company traces its roots to Japan Brewery, established in 1885, which later became Kirin Brewery in 1907. Since then, Kirin has expanded its business operations by leveraging fermentation and biotechnology as core strengths. The company entered the pharmaceutical field in the 1980s, which has since grown into a global business. In 2007, the company transitioned to a pure holding company structure as Kirin Holdings, and it is now strengthening its Non-alcoholic Beverages & Health Science domain.
Jamieson Wellness is dedicated to “Inspiring Better Lives Every Day” with its portfolio of innovative natural health brands. Established in 1922, the Jamieson brand is Canada’s #1 vitamins, minerals and supplements brand. The company’s youtheory brand, acquired in 2022, is an established and growing lifestyle brand in the U.S. Combined, these global brands are available in more than 50 countries worldwide. The company also offers a variety of innovative VMS products as well as sports nutrition products to consumers in Canada with its Progressive, Smart Solutions, Iron Vegan and Precision brands.
Jamieson Wellness’ head office is located at 1 Adelaide Street East Suite 2200, Toronto.
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