Columbia West Capital News - Industry Deal Intelligence
03.25.10 Health and Wellness Deal Intelligence 2009


This report is prepared as a courtesy to the health and wellness industry by Columbia West Capital, LLC based on our research and information collected by our firm. Despite our dedicated efforts, occasionally a deal might be missed or appropriate credit not given to legal or financial advisors. Please feel free to contact us if you have information on a transaction that you want to assure is included and credit attributed to appropriate advisors. Also, feel free to forward to others who may have interest; they can be added to the regular distribution by contacting our office. Our contact information is below.

M&A - Strategic

1/1/2009 Atrium Innovations Inc. (TSX: ATB) announced it closed the acquisition of Nutri-Health Supplements, LLC for $23.9 million, plus two potentially significant earn-out payments based on 2009 and 2010 EBITDA growth. Nutri-Health is a fast-growing probiotics and health supplements company located in Cottonwood, Arizona. Snell & Wilmer LLP was legal advisor to Nutri-Health for the transaction. Columbia West Capital served as the exclusive financial advisor.

2/19/2009 The Nest Collective, Inc. acquired Plum Organics for an undisclosed amount. The Nest Collective, headquartered in Emeryville, California, provides frozen and organic baby food, and toddler meals for babies and kids in America. Plum Organics markets and distributes organic food products to the infant and kids segment and is based in New York, New York.

2/20/2009 Mach One Corp. (OTCPK: MNCN) completed the acquisition of Ceres Organic Harvest, Inc. for an undisclosed amount. Belgium, Wisconsin-based Mach One is a wellness company that provides biotechnology based solutions. Ceres Organic Harvest engages in producing, marketing, and selling certified organic food ingredients and commodities to the organic food industry in North America. Law Office of William Barnett served as legal advisor to Mach One, and Keller & Lokken served as legal advisor to Ceres.

3/4/2009 Frutarom USA, Inc. completed the acquisition of Flavors Specialties Inc. from for $27.0 million. Frutarom USA is based in North Bergen, New Jersey and engages in developing, producing, importing, and supplying natural flavor and herbal extracts, specialty essential oils, citrus products, aroma chemicals, and peptide building blocks to the nutraceutical industry. Corona, California-based Flavor Specialties manufactures flavors, herbs, herbal extracts, nutritional supplements, and specialty products.

3/9/2009 Milk Specialties Global Food Solutions completed the acquisition of Edan Naturals LLC for an undisclosed amount. Milk Specialties is based in Eden Prairie, Minnesota and manufactures and markets protein, dairy, feed, and other nutritional ingredients. Edan Naturals operates as a contract nutritional supplement manufacturing company based in Wautoma, Wisconsin.

6/30/2009 Pep Products Inc. acquired the assets of Alan James Group, LLC from Interleukin Genetics Inc. (AMEX: ILI) for $4.6 million. Castle Rock, Colorado-based Pep Products is a subsidiary of Nutraceutical Corporation and manufactures herbal energizers under the name Natural Balance. Alan James Group, now known as Interleukin Brands, Inc., operates as a consumer products management company and is based in Boca Raton, Florida. Kirkland & Ellis LLP served as legal advisor to Pep Products.

7/6/2009 Dean Foods Co. (NYSE: DF) completed the acquisition of Alpro NV from Vandemoortele N.V. for $448.1 million. Dallas, Texas-based Dean Foods operates as a food and beverage company in the United States. Alpro is based in Wevelgem, Belgium and develops soya- based food and drinks. From its base in Gent, Belgium, Vandemoortele produces and markets bakery and dairy products throughout Europe. Skadden, Arps, Slate, Meagher & Flom, L.L.P. served as legal advisor to Dean Foods.

7/24/2009 Nutraceutical International Corp. (NasdaqGS:NUTR) completed the acquisition of Nutritional Specialties, Inc., a subsidiary of Baywood International Inc. (OTCBB:BAYW) for $8.6 million. Park City, Utah- based Nutraceutical International engages in the manufacture, marketing, distribution, and retail of branded nutritional supplements and other natural products in the United States and internationally. Scottsdale, Arizona-headquartered Baywood engages in the development, marketing, and distribution of nutraceutical products under the LifeTime brand and ready-to-drink beverages under the New Leaf brand. Columbia West Capital served as the exclusive financial advisor to Baywood.

8/06/2009 Perrigo Co. (NasdaqGS: PRGO) acquired an 85% stake in Vedants Drug & Fine Chemicals Private Limited from the Maheshwari family for $11.5 million in cash. Perrigo, headquartered in Allegan, Michigan, develops, manufactures, and distributes over-the-counter and prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients, and medical diagnostic products worldwide. Based in Mumbai, India, Vedants Drugs & Fine Chemicals provides contract manufacturing services for pharmaceutical and specialty chemical industries.

8/12/2009 Pepsico, Inc. (NYSE: PEP) agreed to acquire Amacoco Nordeste Ltda. and Amacoco Sudeste Ltda. on August 12, 2009. The financial terms of the transaction were not disclosed. The transaction is subject to approval by Brazil's regulatory authority. Amacoco Nordeste and Amacoco Sudeste. produces packaged coconut drinks and are based in Brazil.

8/24/2009 Herbalife Ltd. (NYSE: HLF) completed the acquisition of the assets of Micelle Laboratories for $10.0 million in cash. Herbalife is a network marketing company based in Grand Cayman, Cayman Islands that sells weight management, nutritional supplement, energy, sports and fitness, and personal care products worldwide. Lake Forest, California-based Micelle Laboratories, Inc. engages in the development, manufacture, and marketing of nutritional supplements and over-the- counter drugs in the United States and internationally.

9/11/2009 Alticor Holdings, Inc. completed the acquisition of a majority stake in Metagenics, Inc. from Bison Capital Asset Management, LLC for an undisclosed amount. Alticor (parent company of Amway) is headquartered in Ada, Michigan developments, manufactures, and distributes nutritional supplements, including tablets, capsules, powder drink mixes, snacks and bars, and vitamins. Headquartered in San Clemente, California, Metagenics, Inc. dba Ethical Nutrients manufactures and distributes medical foods and nutraceuticals to healthcare practitioners. McDermott Will & Emery LLP served as legal advisor to Metageics. Bryan Cave, LLP served as legal advisor to Alticor.

9/21/2009 Atrium Innovations, Inc. (TSX: ATB) acquired Garden of Life, Inc. for $37.5 million. Headquartered in Quebec City, Canada, Atrium Innovations engages in the innovation, formulation, production, and commercialization of science-based and professionally-endorsed products for the health and nutrition industries. Garden of Life is headquartered in West Palm Beach, Florida and provides food nutrition products.

10/1/2009 Naturex SA (ENXTPA: NRX) has acquired the ingredients division from Natraceutical SA (CATS: NTC) for 83 million euros ($119 million), or 0.8x trailing twelve month revenue. On completion of the transaction, Natraceutical will hold approximately 40% of Naturex shares, becoming a relevant minority shareholder and board member of Naturex. Natraceutical, based in Valencia, Spain, engages in the research and development of naturally- sourced functional/active ingredients and nutritional complements for the foodstuffs, pharmaceutical, and cosmetics sectors. Naturex, based in Avignon, France, develops, manufactures, and markets plant extracts with flavoring, coloring, antioxidant, or nutraceutical properties.

10/15/2009 The Hain Celestial Group, Inc. (NasdaqGS:HAIN) completed the acquisition of Meridian LLC for an undisclosed amount. The Hain Celestial Group, based in Melville, New York manufactures, markets, distributes, and sells natural and organic food, and personal care products in the United States and internationally. Boulder, Colorado-based Meridian LLC fka Infinitea Kombucha produces and commercializes fermented tea in the United States.

10/26/2009 Helens Foods, Inc. completed the acquisition of Callaway Consumer Products, LLC from Sea Change Investment Fund, LLC for an undisclosed amount. Irvine, California-based Helens Foods is now known as Food Collective Inc., which produces and sells organic frozen food in the United States, Canada, and internationally. Callaway is based in Scottsdale, Arizona and offers healthier eating alternatives by providing whole life meals using organic vegetables, grains, nuts, fruits, and spices. The Eclipse Group LLP served as legal advisor to Food Collective.

M&A - Financial

10/12/2009 GF Capital Private Equity Fund LP and Stockton Road Capital, LLC completed their acquisition of Airborne, Inc. for an undisclosed amount. Headquartered in Bonita Springs, Florida, Airborne develops and sells dietary supplements in the United States and Canada.

10/27/2009 Aero Financial, Inc. completed the acquisition of controlling stake in Whole In One Organics, Ltd. for an undisclosed amount. Los Angeles, California-based Whole In One Organics offers nutritional products for mental, muscular, and cardiovascular systems and skin.

Private Placements

3/25/2009 Sweet Leaf Tea Company has raised $15.6 million from Nestlé Waters North America Inc. Sweet Leaf Tea offers ready-to-drink canned iced teas and is based in Austin, Texas.

9/01/2009 Zico, LLC raised $15 million of funding led by The Coca-Cola Company, Asset Management Arm. Zico produces and markets orange, mango, and natural flavored packaged coconut water and is based in Hermosa Beach, New Jersey.

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