CW Q3 2020 Health and Wellness M&A and Financing Report

This report is prepared as a courtesy to the Health and Wellness business community by Columbia West 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 ensure is included and credit attributed to appropriate advisors.

M&A - Strategic

8/17/2020 Glanbia Nutritionals Inc. acquired Foodarom Group Inc. for approximately $45.3 million plus contingent consideration. Foodarom manufactures flavors such as fruity, alcoholic, dairy, vanilla, and sweet flavors and is based in Saint-Hubert, Quebec. Glanbia Nutritionals provides nutritional and functional ingredient solutions and is based in Evanston, IL. Davies Ward Phillips & Vineberg LLP served as legal advisor to Glanbia.

8/21/2020 EZ GARD Industries, Inc., dba Shock Doctor, Inc., acquired The Glukos Company, Inc. The terms of the transaction were not disclosed. The Glukos Company produces performance energy food products for athletes and is based in Fountain Hills, AZ. Shock Doctor manufactures and sells protective and performance sports equipment to professional and college athletes and is based in Minnetonka, MN. 

8/25/2020 Parker Products, Inc. acquired an unknown majority stake in Creative Food Ingredients, Inc. The terms of the transaction were not disclosed. Creative Food Ingredients produces and sells baked ingredient products to the prepared dessert, confectionery, ice cream, and nutritional bar industries and is based in Perry, NY. Parker Products, through its subsidiary, produces and sells baked ingredient products to prepare dessert, confectionery, ice cream, and nutritional bars and is based in Fort Worth, TX. Jones Day served as legal advisor to Parker Products. 

9/1/2020 Nestlé Health Science S.A. acquired IM HealthScience (IMH), along with its sister company, Physician’s Seal (PS). The terms of the transaction were not disclosed. IMH and PS manufacture and market solutions for dietary products for digestive problems and regulating sleep and are based in Boca Raton, FL. Nestlé Health Science manufactures and distributes nutritional solutions based on consumer health, medical nutrition, and supplements and is based in Vevey, Switzerland. 

9/8/2020 Universal Corporation (NYSE:UVV) agreed to acquire Silva International, Inc. for $170.0 million. The transaction closed 10/1/2020. Silva provides dehydrated vegetable, herb, and fruit ingredients to the food industry and is based in Momence, IL. Universal is a global agri-products supplier that supplies leaf tobacco products worldwide and is based in Richmond, VA. Silva will operate as part of Universal’s plant-based ingredients platform, which includes FruitSmart, Inc. and Carolina Innovative Food Ingredients, Inc., providing specialty vegetable- and fruit-based ingredients to food and beverage end markets. Winston & Strawn LLP and Steinhaus Prof. Griesar served as legal advisors to Silva. Troutman Pepper Hamilton Sanders LLP served as legal advisor to Universal. 

9/15/2020 Sweet Cheeks Farm and Apiary LLC acquired Tassot Apiaries, Inc. The terms of the transaction were not disclosed. Tassot produces artisan honey and bee products and is based in Milford, NJ. Sweet Cheeks Farm produces and sells honey, specialty foods, organic eggs, handcrafted small batch soaps, lip balms, and essential oil bug repellent products and is based in Chester, NJ. 

9/18/2020 Caribe Juice LLC acquired World Waters, LLC. The terms of the transaction were not disclosed. World Waters produces cold-pressed watermelon juices and is based in New York, NY. Caribé Juice produces cold pressed juices made from fruits and vegetables and is based in Reston, VA. 

9/18/2020 Johnsonville, LLC acquired VSC Holdings, Inc., dba Vermont Smoke & Cure. The terms of the transaction were not disclosed. Vermont Smoke & Cure produces meat snacks free from MSG, artificial flavors, sweeteners, preservatives and allergens including milk, eggs, gluten, fish, shellfish, tree nuts, peanuts and soy and is based in Hinesburg, VT. Johnsonville produces and sells sausages and is based in Sheboygan Falls, WI. 

9/29/2020 THG Holdings plc (LSE:THG), formerly known as The Hut Group Limited, acquired NV Perricone LLC for $60.0 million. NV Perricone manufactures and sells anti-aging skincare products and is based in San Francisco, CA. THG operates as an online retailer and technology company and is based in Manchester, United Kingdom. Perricone joins THG’s portfolio of beauty brands, which includes ESPA, Christophe Robin, Grow Gorgeous, Illamasqua, Mio Skincare, Mama Mio, Eyeko and Ameliorate. DLA Piper UK LLP served as legal advisor to THG.

M&A - Financial

7/16/2020 HumanCo acquired an unknown majority stake in Bliss Unlimited, LLC. The terms of the transaction were not disclosed. Bliss produces organic, vegan, coconut milk-based frozen desserts and is based in Eugene, OR. HumanCo is a venture capital firm based in New York, NY.

8/30/2020 New Mountain Capital, L.L.C. acquired Jarrow Formulas, Inc. The terms of the transaction were not disclosed. Jarrow formulates and supplies nutritional supplements and is based in Los Angeles, CA. New Mountain Capital is a private equity firm based in New York, NY. 

9/14/2020 Highlander Partners, L.P. acquired Hilo Nutrition, Inc. The terms of the transaction were not disclosed. Hilo manufactures pre-workout nutrition gummies and is based in Columbus, OH. Highlander is a private equity firm based in Dallas, TX. 

9/17/2020 Peak Rock Capital LLC acquired Halo Foods Ltd. in partnership with the Halo management team. The terms of the transaction were not disclosed. Halo Foods produces and sells snack bars for food brands and retailers and is based in Newport, United Kingdom. Peak Rock is a private equity firm based in Austin, TX.

Private Placements

7/13/2020 mybacs GmbH announced that it has received a round of funding from Global Founders Capital Management GmbH and Joyance Partners. mybacs manufactures microbiome travel health supplements for digestion and is based in Baar, Switzerland. Global Founders Capital is a venture capital firm based in Luxembourg City, Luxembourg. Joyance is a venture capital firm based in San Francisco, CA. 

7/14/2020 Ellis Infinity, LLC announced that it has received a round of funding from celebrity Kevin Hart. Ellis Infinity manufactures Ellis Island Tea, an all natural, antioxidant-rich hibiscus tea and is based in Detroit, MI. 

7/16/2020 Native American Natural Foods LLC announced that it has received an equity round of funding led by new investor Candide Group, LLC. Native American Natural Foods produces the TANKA Bar and a line of meat and fruit products and is based in Kyle, SD. Candide is a venture capital and private equity firm based in Oakland, CA. 

7/21/2020 Joywell Foods, Inc. announced that it has received $6.9 million in a round of funding led by new investor Evolv Ventures with participation from returning investors Khosla Ventures, SOSV Investments LLC, and other investors. Joywell produces natural sweet proteins and taste modifiers derived from exotic fruits and is based in Davis, CA. Evolv Ventures is a fund managed by The Kraft Heinz Company Investment Arm and is based in Chicago, IL. Khosla is a private equity and venture capital firm based in Menlo Park, CA. SOSV is venture capital firm based in Princeton, NJ.

8/12/2020 Public Goods announced that it has received a significant strategic investment from L Catterton Partners. Public Goods manufactures and markets unisex health, beauty, household, grocery, and vitamins and supplements and is based in New York, NY. L Catterton is a private equity and venture capital firm based in Greenwich, CT. 

8/13/2020 Impossible Foods Inc. announced that it has secured $200.0 million in its latest funding round from investor Coatue Management, L.L.C. and other investors. Impossible Foods makes meat and dairy products from plants and is based in Redwood City, CA. Coatue is an employee-owned hedge fund sponsor based in New York, NY. 

8/24/2020 Good Karma Foods, Inc. announced that it has received an equity round of funding from Valor Management Corp. and 2x Consumer Products Growth Partners. Good Karma Foods manufactures and markets flaxmilk beverages and yogurts and is based in Boulder, CO. Valor is a private equity and venture capital firm based in Chicago, IL. 2x is a principal investment firm based in Chicago, IL. 

8/26/2020 Isagenix International, LLC announced that it has received $35.0 million in a round of funding that included participation from Jim and Kathy Coover, Erik Coover, and Jim and Tammy Pierce. Isagenix provides weight loss, healthy aging, and skin care cosmetics products and is based in Gilbert, AZ. 

8/27/2020 Merit Functional Foods Corporation announced that it has received $22.9 million in an equity round of funding from new investor Bunge Limited (NYSE:BG) for 25% stake in the company. Merit manufactures plant-based protein ingredients for customers in the food and beverage industry and is based in Winnipeg, Canada. Bunge sources, processes and supplies oilseed and grain products and ingredients and is based in St. Louis, MO. 

8/31/2020 ALPHAEON Corporation announced that it has entered into a note purchase agreement to receive $25.0 in funding from Daewoong Pharmaceutical Co., Ltd. (KOSE:A069620). The convertible notes will automatically convert into 9.99% of the company’s common stock immediately prior to an initial public offering, subject to the terms and conditions of the definitive agreement. ALPHAEON develops beauty, wellness, and lifestyle products for customers and is based in Irvine, CA. Daewoong manufactures and sells prescription drugs and medical devices and is based in Seoul, South Korea. 

9/1/2020 Climax Foods Inc. announced that it has raised $7.5 million in a round of funding from At One Ventures, L.P., Manta Ray Ventures, S2G Ventures, and other investors. Climax Foods produces plant-based food using its artificial intelligence tool and is based in Berkeley, CA. At One Ventures is a venture capital firm based in San Francisco, CA. Manta Ray Ventures is a venture capital firm based in Missouri City, TX. S2G Ventures is a venture capital firm based in Chicago, IL.

9/1/2020 Snack It Forward, LLC, dba PeaTos, announced that it has received $7.0 million in its Series A round of funding co-led by new investor Jackson Springs Management Partners and Connetic Ventures with participation from celebrity investors including Tracy McGrady. PeaTos produces snack food from peas and natural ingredients and is based in Los Angeles, CA. Connectic is a venture capital angel investment firm and is based in Covington, KY. Jackson Springs is a principal investment firm based in Chicago, IL. 

9/9/2020 Advanced Bio Development, Inc. announced that it will receive $12.0 million in funding from 12 investors. Advanced Bio develops, produces, and sells liquid energy supplements and is based in Englewood Cliffs, NJ. 

9/15/2020 Bulletproof 360, Inc. announced that it has received $13.0 million in a round of funding led by Beliv Company, Rocana Venture Partners, CAVU Venture Partners, and Trinity Ventures. Bulletproof 360 manufactures and sells coffee and tea products and dietary supplements and is based in Seattle, WA. Beliv manufactures beverages and is a business unit of the CBC Group, a multinational corporation of beverages founded in 1885 that operates in Central America, the Caribbean and South America. Rocana is a venture capital firm based in Los Angeles, CA. CAVU is a venture capital and private equity firm based in New York, NY. Trinity is a venture capital firm based in Menlo Park, CA.

9/15/2020 ProPhase Labs, Inc. (NasdaqCM:PRPH) announced that it has closed on a $10.0 million unsecured debt financing. ProPhase Labs engages in the research, development, manufacture, distribution, marketing, and sale of over-the-counter consumer healthcare products, dietary supplements, and other remedies and is based in Doylestown, PA. 

9/15/2020 Yooji announced that it has received $8.9 million in an equity round of funding from PYMWYMIC, Danone Manifesto Ventures, CapAgro SAS, and other investors. Yooji manufactures and sells easy to prepare organic additive-free baby food from locally sourced ingredients and is based in France. PYMWYMIC is a venture capital firm based in Amsterdam, the Netherlands. Danone Manifesto, the venture capital arm of Danone, is based in New York, NY. CapAgro is a venture capital firm based in Paris, France.

9/22/2020 Green Monday Holdings announced that it has received $70.0 million in a round of funding co-led by TPG’s The Rise Fund and Swire Pacific Limited (SEHK:19) with participation from CPT Capital, Happiness Capital, Wang Leehom, John Wood, James Cameron, Mary McCartney, Susan Rockefeller, and other investors. Green Monday manufactures and distributes plant-based pork substitute products and frozen meals and is based in Kowloon, Hong Kong. TPG is a private equity and venture capital firm based in San Francisco, CA. Swire engages in property, aviation, beverages, marine services, and trading and industrial businesses and is based in Central, Hong Kong. CPT Capital is a venture capital firm based in London, United Kingdom. Happiness Capital is a venture capital firm based in Central, Hong Kong.

9/22/2020 Daring Foods Inc. announced that it has received $8.0 million in an equity round of funding from Maveron LLC, Stray Dog Capital LLC, and other investors. Daring Foods provides plant-based chicken and is based in Glasgow, United Kingdom. Maveron is a venture capital firm based in Seattle, WA. Stray Dog Capital is a venture capital firm based in Leawood, KS.

9/29/2020 Shiok Meats Pte. Ltd. announced that it has received $12.6 million in its Series A round of funding from A-Spark Good Ventures, VegInvest, Yellowdog Corp., Makana Ventures, and other investors. Shiok Meats operates as a cell-based clean meat company producing cell-based crustacean meats and seafood and is based in Singapore. A-Spark is a venture capital and private equity firm based in Utrecht, the Netherlands. VegInvest is a venture capital firm based in New York, NY. Yellowdog is a venture capital firm based in Seoul, South Korea. Makana is a venture capital firm based in Singapore.

9/29/2020 Brad’s Raw Foods, LLC announced that it will receive $5.7 million in funding from four investors. Brad’s Raw Foods produces and sells snack food products and is based in Pipersville, PA.