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09/19/2022

House Foods Holding USA Acquires Tofu, Plant-Based Manufacturer

The Japanese foodservice company will buy 100% of Keystone Natural Holdings, a producer of private label foods.
Zachary Russell
Associate Editor
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Keystone Natural Holdings

House Foods Holding USA will acquire Keystone Natural Holdings (KNH), a manufacturer of tofu and plant-based foods that works with private brands.

The transaction gives the Japanese foodservice company House Foods expanded access to U.S. markets, as the combined company will have eight manufacturing facilities across North America. House Foods’ business in the U.S. is a leading supplier of water-packed tofu and related tofu products.

“We are proud of the work we have done at Keystone Natural Holdings,” said Chaoran Jin, Managing Director of Keystone Capital, which established Keystone Natural Holdings in 2016. “During our partnership, we invested significantly to expand KNH’s brand presence, manufacturing capacity, product development capabilities, as well as the leadership team in order to provide a broad range of healthy, innovative plant-based food products for grocery, club, and food service customers. We are extremely appreciative of the hard work, dedication, and commitment from the KNH management team in building a market leading business. We wish them the best for their new chapter with House Foods.”

Kenny Sung, CEO of KNH, will continue to lead the company. The deal is expected to close at the end of September.

“Keystone Capital has been a great partner to work with, helping us successfully expand into additional strategic segments, which has positioned us to better serve our retail and food service customers in the ethnic and mainstream channel,” said Sung. “With Keystone Capital’s help, we have integrated three add-on acquisitions, which has broadened our core market and accelerated our growth. We look forward to working with House Foods to continue our growth trajectory."