Houlihan Lokey Advises Morinaga Nutritional Foods

Houlihan Lokey is pleased to announce that Morinaga Nutritional Foods, Inc., a wholly owned subsidiary of Morinaga Milk Industry Co., Ltd. (Morinaga), has acquired Turtle Island Foods Holdings, Inc. (Tofurky), a leading manufacturer and distributor of plant-based foods in the U.S. operating under the Tofurky brand name. The transaction closed on February 11, 2023.

Founded in 1917 and headquartered in Tokyo, Japan, Morinaga is one of Japan’s major producers of dairy-based food products. Morinaga has operations and subsidiaries in eight countries and employs approximately 7,000 people across Japan and other parts of Asia, the Middle East, Europe, and North America.

Founded in 1980 and headquartered in Hood River, Oregon, Tofurky is a leading manufacturer and distributor of various plant-based foods through retail, foodservice, and institutional channels. Tofurky has a portfolio of 30+ products with strong brand share, especially in deli slices. Tofurky products are sold in 28,000+ grocery stores nationwide.

This transaction aligns with Morinaga’s strategic focus of expanding into the plant-based food business in the U.S. and will allow Morinaga to offer an increased breadth of products and cross-selling opportunities, improved supply chain efficiencies, and expansion of its customer base and geographic presence. It will also enable joint cooperation in sales, marketing, manufacturing, and R&D globally.

Houlihan Lokey served as exclusive financial advisor to Morinaga.