Japanese brewer Kirin Holdings is in advanced talks to acquire Canadian vitamin and supplement manufacturer Jamieson Wellness Inc. in a deal valued at approximately $1.4 billion. This potential acquisition aligns with Kirin's strategy to diversify its business beyond alcoholic beverages and strengthen its presence in the health and wellness sector. Jamieson Wellness, headquartered in Toronto, has been actively seeking acquisition targets itself, particularly in the American market, and has seen its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grow significantly, projected to exceed $174 million in 2026.
The news follows earlier reports of Jamieson Wellness receiving an unsolicited takeover offer and engaging in discussions with multiple interested parties. Investment banks Bank of Montreal and Canaccord Genuity were retained by Jamieson to provide financial advice throughout the process. Analysts have suggested potential valuations for Jamieson could range from over $2 billion, with some indicating a take-out price per share as high as $58.50 based on 2026 adjusted EBITDA multiples. The company's shares traded up to $43 a share on Thursday, marking an almost 14% increase over Wednesday's close, giving it a market valuation of over $1.7 billion.
This move by Kirin is consistent with its previous strategic acquisitions in the health sector, such as its $1.2 billion purchase of Australian vitamin maker Blackmores Ltd. in 2023. This acquisition was aimed at expanding Kirin's access to consumers in the Asia-Pacific region through Blackmores' distribution network. The current potential acquisition of Jamieson Wellness by Kirin underscores a broader trend among beverage companies to enter the high-growth vitamin, mineral, and supplement (VMS) industry, which includes major players like Nestle SA, Haleon PLC, and Herbalife Ltd. Jamieson has also seen rapid growth since the turn of the decade, with its market valuation more than doubling from roughly $40 million to over $80 million.
