CW Q2 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

4/27/2020  NOBL Beverages acquired Mati Inc. The terms of the transaction were not disclosed. Mati produces and sells energy drinks in various flavors and is based in Durham, NC. NOBL engages in producing and distributing cold brew coffee and is based in Exeter, NH.

5/1/2020  PureBred Gluten Free Limited acquired Three Bakers Gluten Free Bakery. The terms of the transaction were not disclosed. Three Bakers manufactures gluten-free bread, pizzas, hamburger buns, hot dog buns, and stuffing mix and is based in Moscow, PA. PureBred produces gluten-free bakery products and is based in Ardara, Ireland.

5/7/2020  Barentz International BV acquired Ingredients, Inc. The terms of the transaction were not disclosed. Ingredients, Inc. develops and supplies ingredients for food and beverage, pet food, and nutraceutical manufacturers and is based in Buffalo Grove, IL. Barentz distributes ingredients to the food and nutrition, animal nutrition, personal care, and pharmaceutical industries and is based in Hoofddorp, the Netherlands.

6/1/2020  Plantation Products, LLC acquired Sustainable Agrico, LLC. The terms of the transaction were not disclosed. Sustainable Agrico provides organic seeds under the Seeds of Change brand and is based in Rancho Dominguez, CA. Plantation Products manufactures and sells non-GMO seeds and organic plant food for home gardeners and outdoor hobbyists and is based in Norton, MA.

6/2/2020  Merieux NutriSciences Corporation acquired Chestnut Labs. The terms of the transaction were not disclosed. Chestnut Labs operates laboratories that offer consulting, microbiology, and chemistry services to the food industry and is based in Springfield, MO. Merieux NutriSciences provides testing and consulting services to food and nutrition, water and environment, agrochemical, consumer goods, pharmaceutical, and cosmetics industries and is based in Chicago, IL.

6/15/2020  Chr. Hansen Holding A/S (CPSE:CHR) acquired UAS Laboratories LLC for $530.0 million. UAS develops, manufactures, and markets probiotics and antioxidants for adults and children and is based in Edina, MN. Chr. Hansen develops and sells natural ingredient solutions for food, nutritional, pharmaceutical, and agricultural industries and is based in Hoersholm, Denmark. Baker McKenzie served as legal advisor to Chr. Hansen.

6/17/2020  The LIVEKINDLY Co. acquired Oumph!. The terms of the transaction were not disclosed. Oumph! produces a wide range of plant-based products, including soy-based burgers, strips, fillets, and pulled meat and is based in Sweden. The LIVEKINDLY Co. is a collective of plant-based heritage and start-up brands and is based in New York, NY.

6/18/2020  TSI Health Sciences, Inc. acquired Metabolic Technologies LLC. The terms of the transaction were not disclosed. Metabolic Technologies produces health and nutritional products and is based in Missoula, MO. TSI develops nutraceutical ingredients and is based in Missoula, MO.

M&A - Financial

5/4/2020  Sonoma Brands acquired KRAVE Pure Foods, Inc. from The Hershey Company (NYSE:HSY). The terms of the transaction were not disclosed. KRAVE produces and sells gluten-free, gourmet meat and plant-based protein snacks and is based in Austin, TX. Sonoma Brands is a food incubator and venture capital firm based in Sonoma, CA.

Private Placements

4/9/2020  Kate Farms, Inc. announced that it has received $23.0 million in its Series A-1 round of funding. Kate Farms produces organic vegan foods and drinks and is based in Santa Barbara, CA.

4/9/2020  Ingredion Incorporated (NYSE:INGR) entered into an agreement to acquire a 39.6% stake in PureCircle Limited (LSE:PURE) for $91.4 million. The transaction closed on 7/1/2020. PureCircle is a producer of stevia sweeteners for the food and beverage industry and is based in Chicago, IL. Ingredion, together with its subsidiaries, produces and sells starches and sweeteners for various industries and is based in Westchester, IL. Baker & McKenzie served as legal advisor to PureCircle. Hogan Lovells served as legal advisor to Ingredion.

4/21/2020  YFood Labs GmbH announced that it has received $16.3 million in its Series B round of funding from Felix Capital Partners LLP, Fonterra Co-operative Group Limited (NZSE:FCG), Five Seasons Ventures Sarl, and New Ground Ventures, LP. YFood produces balanced drinks, drink powders, and bars and is based in Munich, Germany. Felix Capital is a venture capital firm and is based in London, United Kingdom. Fonterra, together with its subsidiaries, collects, manufactures, and sells milk and milk-derived products and is based in Auckland, New Zealand. Five Seasons is a venture capital firm based in Paris, France. New Ground Ventures is a venture capital firm based in Palo Alto, CA.

4/27/2020  Growthwell Group announced that it has received $8.0 million in a round of funding led by Temasek Holdings (Private) Limited with participation from DSG Consumer Partners, Insignia Ventures Partners, and other investors. Growthwell engages in the research and development, production, and sale of vegan and vegetarian ingredients and food products and is based in Singapore. Temasek is a sovereign wealth fund of the Government of Singapore. DSG and Insignia are venture capital firms based in Singapore. WongPartnership LLP served as legal advisor to Temasek.

5/4/2020  Summit Naturals Inc., dba HighKey Snacks, announced that it will receive $5.5 million in funding. The transaction closed on 7/1/2020 with participation from 2 investors. HighKey Snacks produces and distributes low-carb, keto-friendly, gluten-free, and naturally sweetened snack products and is based in Ferndale, WA.

5/8/2020  SunOpta Foods, Inc. announced that it has raised $60.0 million from Oaktree Capital Management, L.P. and Engaged Capital, LLC. SunOpta sources, processes, and distributes natural and organic seed and food products and is based in Edina, MN. Oaktree Capital is a privately owned hedge fund sponsor and is based in Los Angeles, CA. Engaged Capital is an employee owned hedge fund sponsor and is based in Newport Beach, CA. Stoel Rives LLP and Davies Ward Phillips & Vineberg LLP served as legal advisors to SunOpta. Kirkland & Ellis LLP and Stikeman Elliott LLP served as legal advisors to Oaktree. Olshan Frome Wolosky LLP and Goodmans LLP served as legal advisors to Engaged Capital.

5/19/2020  The Firmament Group, Sweat Equities, LLC and McLean Family Farms, Inc. acquired a stake in Citrus Extracts, Inc. The terms of the transaction were not disclosed. Citrus Extracts engages in processing raw citrus peel to dehydrated food grade citrus ingredient products and is based in Fort Pierce, FL. The Firmament Group is a private equity firm based in New York, NY. Sweat Equities is a principal investment firm based in Dallas, TX. McLean Family Farms engages in the organic farming business and is based in Clermont, FL.

5/21/2020  Gathered Foods Corporation, dba Good Catch, announced that it has received a round of funding from Woody Harrelson, Shailene Woodley, Paris Hilton, and Lance Bass. Good Catch develops, produces, and sells plant-based seafood products and is based in Heath, OH.

5/25/2020  Integriculture Inc. announced that it has received $7.4 million in a round of funding from Beyond Next Ventures Inc., RealTechJapan LLC, AgFunder Inc., and other investors. Integriculture develops clean meat, clean foie gras, and other cellular agriculture products and is based in Bunkyo, Japan. Beyond Next and RealTechJapan are venture capital firms based in Tokyo, Japan. AgFunder is a venture capital firm based in San Francisco, CA.

5/27/2020  Atlast Food Co. announced that it has received $7.0 in funding from 17 investors. Atlast Food develops structural ingredients for plant-based bacon and whole cut meats using its technology and is based in Green Island, NY.

5/29/2020  Ripple Foods, PBC announced that it will receive $36.0 million in funding. The transaction closed on 7/1/2020 with participation from Multizen Industry (nantong) Limited and other investors. Ripple Foods produces plant-based food products which are dairy-free, vegan, nut-free, lactose-free, and gluten free and is based in Berkeley, CA. Multizen operates as a B2B confectionery and snack company and is based in China.

6/10/2020 Evo Foods announced that it has received a round of funding from new investor VegInvest and new individual investor Sandhya Sriram. Evo Foods produces plant-based liquid eggs and is based in Mumbai, India. VegInvest is a venture capital firm based in New York, NY.

6/12/2020  PepsiCo, Inc. (NasdaqGS:PEP) acquired an additional 10% stake in Rude Health Foods Limited for $9.0 million. Rude Health produces cereals, porridge, organic dairy-free drinks, and snacks and is based in London, United Kingdom.

6/16/2020  Vive Organic, Inc. announced that it has received $12.0 million in funding from 6 investors. Vive Organic produces cold-pressed organic juice wellness shots and is based in Venice, CA.

6/17/2020  Amasar, LLC announced that it has received funding from new investor Aurora Angel Network. Amasar produces gluten-free multi-use breadfruit flour and mixes and is based in Jayuya, Puerto Rico. Aurora is a principal investment firm based in San Juan, Puerto Rico.

6/18/2020  CTRL Holdings LLC announced that it has received a round of funding from new investor FaZe Clan Inc. CTRL produces and retails powdered meal replacement shakes primarily for gamers and athletes and is based in New York, NY. FaZe operates as an esports and entertainment company and is based in Los Angeles, CA.

6/24/2020  Rhythm Superfoods, LLC announced that it has received a round of funding from new investor SESAJAL S.A. de C.V. Rhythm Superfoods produces organic, non-GMO, gluten-free, vegan and vegetarian snacks and is based in Austin, TX. SESAJAL processes and produces specialty oils, oily seeds and their derivatives, and Mediterranean cuisine ingredients and is based in Guadalajara, Mexico.

6/25/2020  Enterome SA announced that it has received $52.0 million in a round of funding from SymBiosis, LLC, Takeda Pharmaceutical Company Limited (TSE:4502), Seventure Partners, Nestlé Health Science S.A., and other investors. Enterome develops disease management solutions based on its understanding of the microbiome-immunoinflammation axis and is based in Paris, France. SymBiosis is a microbiome-focused investment vehicle. Takeda engages in the research, development, manufacturing, and marketing of pharmaceutical products, over-the-counter medicines and quasi-drug consumer products, and other healthcare products and is based in Tokyo, Japan. Seventure is a private equity and venture capital firm based in Paris, France. Nestlé Health Science manufactures and distributes nutritional solutions based on consumer health, medical nutrition, and supplements and is based in Vevey, Switzerland.

6/30/2020  Outstanding Foods, Inc. announced that it has received $5.0 million in funding from SternAegis Ventures, JaVale McGee, and other investors. Outstanding Foods produces vegan snacks and is based in Santa Monica, CA. SternAegis is a venture capital arm of Aegis Capital Corporation and is based in New York, NY.