Alpro owner WhiteWave Foods Company has agreed to buy a plant-based foods manufacturer Vega for $550m (£354.5m).

Vega, based in Vancouver in Canada, is behind a number of powdered shakes and snack bars made from ‘superfood’ ingredients.

WhiteWave, a US consumer packaged food and beverage giant rumoured to be in talks to acquire Quorn, said the deal was presented opportunities for further innovation in the category, as well as extending its current foods and beverages platform. It added that Vega was well-placed to capitalise on the fast-growing $8.6bn nutritional powders, bars and ready-to-drink beverages market.

“This compelling, accretive transaction is consistent with our strategy to expand the scope of our business into high-growth and on-trend categories,” WhiteWave chairman and CEO Gregg Engles said.

Vega was founded in 2004 by president Charles Chang and is currently majority owned by Chang and VMG Partners. The company generated net sales of approximately US$100m in the past year, representing growth of more than 30% on a constant currency basis.

“With WhiteWave as our partner, we now collectively have our sights set on making Vega more accessible to more people,” Chang said.

The transaction is expected to close in the third quarter of 2015, subject to regulatory approvals. Following completion of the deal, Vega will remain headquartered in Vancouver and its senior management team will continue to lead the business.

BofA Merrill Lynch acted as financial adviser and Haynes and Boone gave legal advice to WhiteWave. Moelis & Company and Piper Jaffray & Co acted as financial advisers to Vega and Winston & Strawn acted as legal adviser.