Japan’s Kirin Holdings has agreed to acquire Canadian dietary supplement company Jamieson Wellness, significantly expanding Kirin’s global health-science business and giving the Japanese group a major presence in the North American vitamins, minerals and supplements market.

Under the definitive agreement, Kirin will acquire all outstanding Jamieson Wellness common shares for C$45.75 per share in cash. Kirin places the purchase price for the common shares at approximately C$1.898 billion (US$1.38 billion), while Jamieson values the transaction at approximately C$2.0 billion (US$1.45 billion) on a fully diluted equity basis and approximately C$2.5 billion (US$1.82 billion) on an enterprise-value basis.

The C$45.75-per-share offer represents a 27% premium to Jamieson’s 20-day volume-weighted average share price and a 32% premium to its 60-day VWAP through June 24, 2026, before Jamieson publicly confirmed that it had received an unsolicited acquisition proposal.

Jamieson’s Board of Directors unanimously approved the transaction following the recommendation of a special committee of independent directors. Completion remains subject to Jamieson shareholder approval, court approval, required regulatory clearances and other customary closing conditions. The companies expect the transaction to close during the fourth quarter of 2026, with Kirin indicating an expected completion date of October 2026 or later.

Founded in 1922, Jamieson Wellness has developed one of Canada’s best-known vitamin, mineral and supplement businesses. In addition to the Jamieson brand, the company owns youtheory in the U.S. and markets several other nutrition brands, including Progressive, Smart Solutions, Iron Vegan and Precision. Its brands are sold in more than 50 countries.

North America is a central reason for the acquisition. Kirin said the transaction represents an important step toward establishing a business platform in North America, which it describes as the world’s largest supplements market.

The acquisition also builds upon Kirin’s previous investments in the global consumer-health sector. Kirin acquired Australian natural-health company Blackmores and subsequently expanded its health-science portfolio through FANCL. In 2026, the company established Kirin Health Science International to more closely integrate brands, sales networks, R&D capabilities and other health-science assets across the group.

Kirin believes Jamieson’s brands, manufacturing capabilities, distribution network and North American presence can complement Kirin’s fermentation and biotechnology R&D capabilities and proprietary high-value functional ingredients.

China could also be an important component of the combination. Jamieson has developed a significant business in the Chinese market. In the first quarter of 2026, Jamieson’s China revenue increased 55.1% on a constant-currency basis to C$43.3 million (US$31.5 million), supported by performance marketing, product innovation and growth across major Chinese digital platforms.

What this means for the dietary supplement industry

The acquisition is another significant example of major food and beverage companies investing aggressively in dietary supplements, functional nutrition and consumer health as long-term growth businesses. Kirin is assembling an increasingly global health-science platform through Blackmores, FANCL and now Jamieson Wellness, providing the group with significant positions across Asia-Pacific and North America.

For the dietary supplement industry, the combination is particularly noteworthy because of the geographic reach of the companies involved. Jamieson provides Kirin with an established North American supplement platform and a rapidly growing China business, while Kirin brings substantial R&D capabilities, functional ingredients and an established health-science infrastructure across Japan and the broader Asia-Pacific region.

The transaction could also create opportunities for greater cross-border commercialization of brands, ingredients and technologies across Canada, the U.S., China, Japan, Australia and other markets. Jamieson’s more than 55% first-quarter growth in China demonstrates that its Chinese business is already becoming an increasingly important part of the company’s international growth story.

(Source: kirinholdings.com, jamiesonwellness.com & HPA-Global)

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