CW Q4 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

10/10/2020 Dewey's Bakery, Inc. acquired Farm & Oven Snacks Inc. The terms of the transaction were not disclosed. Farm & Oven manufactures soft-baked cookies and muffins that incorporates vegetables into its recipes and is based in Boulder, CO. Dewey's produces bakery products and is based in Winston-Salem, NC.

10/14/2020 PanTheryx, Inc. acquired the Goodgut® digestive health brands of Greenteaspoon Inc. The terms of the transaction were not disclosed. Goodgut comprises prebiotic supplements manufacturing business and is based in Palo Alto, CA. PanTheryx is a biotechnology company that develops novel interventions for GI microbiome-related health conditions and is based in Boulder, CO. Alvarez & Diaz-Silveira LLP served as legal advisor to PanTheryx.

10/15/2020 Arcadia Consumer Healthcare acquired NATURELO Premium Supplements LLC. The terms of the transaction were not disclosed. NATURELO manufactures vitamins, minerals, and supplements and is based in Seattle, WA. Arcadia markets over-the-counter products in the therapeutic hair care, foot care, and specialty cough segments of the consumer healthcare market and is based in Bridgewater, NJ. Ropes & Gray served as legal advisor to Arcadia.

10/21/2020 Danone Trading Medical B.V. acquired Real Food Blends, LLC. The terms of the transaction were not disclosed. Real Food Blends develops, produces, and sells food meals for people on feeding tubes and is based in Chesterton, IN. Danone develops and distributes medical nutritional products and is based in Schiphol, the Netherlands.

10/27/2020 The Fillo Factory Inc. acquired GeeFree Gluten-Free Crusader LLC. The terms of the transaction were not disclosed. GeeFree produces gluten-free frozen food products and is based in New City, NY. The Fillo Factory offers organic, natural, and flavorful gourmet food products and is based in Northvale, NJ.

10/30/2020 Nestlé USA, Inc. acquired the remaining approximately 84% stake in Freshly, Inc. The terms of the transaction were not disclosed. Freshly provides healthy prepared meals online and is based in New York, NY.

11/2/2020 Fresh From Texas, LLC, dba Fresh Texas, and Texas Next Capital acquired a manufacturing facility in Austin of CeCe’s Veggie Noodles Co., LLC. As part of the agreement, Fresh Texas will continue to produce the CeCe’s varieties of spiralized vegetables in the Austin facility. The terms of the transaction were not disclosed. Veggie Noodle produces spiralized noodles, riced veggies, shells and cheese, and meals and is based in Austin, TX. Fresh Texas produces and supplies fresh cut fruits and vegetables and offers assorted vegetable spirals, meal kits, microwave/oven ready meals and other items and is based in San Antonio, TX. Texas Next Capital is a principal investment firm based in San Antonio, TX.

11/3/2020 Ingredion Incorporated (NYSE:INGR) acquired the remaining 80% stake in Verdient Foods Inc. for $24.8 million. Verdient produces pulse-based protein concentrates and flours and is based in Vanscoy, Canada. Ingredion, together with its subsidiaries, produces and sells starches and sweeteners for various industries and is based in Westchester, IL.

11/10/2020 Whole Earth Brands, Inc. (NasdaqCM:FREE) acquired Swerve, L.L.C. and Swerve IP, L.L.C. for $80.0 million. Swerve manufactures and markets zero sugar, keto-friendly, and plant-based sweeteners and baking mixes and is based in New Orleans, LA. Whole Earth operates as a global platform of branded products and ingredients focusing on the consumer transition towards natural alternatives, plant-based, clean label, and non-sugar products and is based in Chicago, IL. The Giannuzzi Group, LLP served as legal advisor to Swerve. DLA Piper LLP (US) served as legal advisor to Whole Earth.

11/10/2020 Crave Better Foods, LLC acquired the SOLERO Organic Fruit Bar Business from Iris Brands, LLC. The transaction will create a partnership between Crave Better and Josh Hochschuler and Steve Gill, the founders of Iris Brands and Talenti Gelato & Sorbetto. The terms of the transaction were not disclosed. Iris Brands produces frozen fruit pops and cream bars and is based in Saint Louis Park, MN. Crave Better is the maker of the Chipwich ice cream cookie sandwich and is based in Stamford, CT.

11/18/2020 Vertical Wellness, Inc. acquired The Organic Candy Factory. The terms of the transaction were not disclosed. The Organic Candy Factory produces organic, vegan, kosher gummy bears that are gluten-free, gelatin-free, GMO-free, and free of corn syrup, artificial flavors, and colors and is based in Pacific Palisades, CA. Vertical Wellness is a seed to sale brand company that provides hemp-based CBD products and is based in Agoura Hills, CA.

11/30/2020 Jarrow Formulas, Inc. acquired business assets of Natrol, LLC from Aurobindo Pharma USA, Inc. for $550.0 million. Natrol manufactures vitamins and supplements and is based in Chatsworth, CA. Aurobindo Pharma USA manufactures and distributes generic pharmaceutical products and is based in East Windsor, NJ. Jarrow formulates and supplies nutritional supplements and is based in Los Angeles, CA. Sullivan & Cromwell LLP served as legal advisor to Aurobindo.

11/30/2020 Puree Juice Bar acquired Juice&I Inc. The terms of the transaction were not disclosed. Juice&I produces cold-pressed juices, nut milks, and liquid multivitamins and is based in Falls Church, VA. Puree Juice Bar operates as a juice bar offering cold pressed juice and cleanses and is based in Bethesda, MD.

12/1/2020 Tate & Lyle PLC (LSE:TATE) acquired the remaining 85% stake in Sweet Green Fields LLC. The terms of the transaction were not disclosed. Sweet Green Fields is an innovator of stevia leaf extracts and is based in Bellingham, WA. Tate & Lyle, together with its subsidiaries, provides ingredients and solutions to food, beverage, and other industries and is headquartered in London, United Kingdom. Morrison & Foerster (UK) LLP served as legal advisor to Tate & Lyle.

12/2/2020 KIND LLC acquired Nature's Bakery, LLC for $400.0 million. Nature's Bakery manufactures and sells bakery products and is based in Reno, NV. KIND manufactures and distributes healthy snacks and fruit and nut bars and is based in New York, NY. Cooley LLP served as legal advisor to Nature's Bakery. Goodwin Procter LLP served as legal advisor to KIND.

12/8/2020 Next Frontier Brands acquired Treehouse Biotech. The terms of the transaction were not disclosed. Treehouse manufactures and supplies cannabinoid isolates, broad-spectrum distillates, and custom cannabinoid formulations for the hemp-based cannabinoid industry and is based in Longmont, CO. Next Frontier engages in the distribution of beverages and wellness products and is based in Boulder, CO.

12/14/2020 Cybin Inc. (NEOE:CYBN) acquired Adelia Therapeutics, Inc. for $8.0 million. Adelia is a biopharmaceutical company that develops a drug discovery platform for the development of proprietary psychedelics-based therapeutics and is based in Fitchburg, MA. Cybin is a life sciences company that focuses on medical mushroom nutraceutical products as well as psychedelic drug development to treat various psychiatric and neurological conditions and is based in Toronto, Canada. Bryan Cave Leighton Paisner LLP served as legal advisor to Adelia. Aird & Berlis LLP and Dorsey & Whitney LLP served as legal advisors to Cybin.

12/18/2020 The Kitchen Community acquired The Blissful Chef and Southern from Scratch. The terms of the transaction were not disclosed. The Blissful Chef manufactures sustainable, plant-based cuisine that nourishes the mind, body, and spirit. Southern from Scratch manufactures cookies and places emphasis on baking from scratch. The Kitchen Community is an online destination for kitchen and cooking information that focuses on healthy living and eating and is based in Beaufort, SC.

12/21/2020 Ajinomoto Cambrooke, Inc. acquired Nualtra Limited. The terms of the transaction were not disclosed. Nualtra develops and manufactures medical oral nutritional supplement products and is based in Limerick, Ireland. Ajinomoto engages in the production and distribution of therapeutic nutrition products and is based in Ayer, MA. L.K. Shields, Solicitors served as legal advisor to Nualtra.

12/29/2020 Alliance Pharma plc (AIM:APH) acquired Biogix, Inc. for $110.0 million. Biogix develops, tests, manufactures, and distributes bioactive antioxidants for women and is based in El Segundo, CA. The assets comprise a clinically evidenced range of over-the-counter products for the relief of the symptoms of menopause, and more recently perimenopause, both of which are marketed under the brand name Amberen. Alliance is an international healthcare group that holds the marketing rights to around 80 consumer healthcare brands and prescription medicines and is based in Chippenham, United Kingdom.

12/30/2020 McCormick & Company, Incorporated (NYSE:MKC) acquired FONA International, Inc. for $710.0 million. FONA develops and produces flavors for food, beverage, nutraceutical, and pharmaceutical companies worldwide and is based in Geneva, IL. McCormick manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry and is based in Hunt Valley, MD. Vedder Price P.C. served as legal advisor to FONA. Davis Polk & Wardwell LLP served as legal advisor to McCormick.

12/30/2020 Amsterdam Commodities N.V. (ENXTAM:ACOMO) acquired the international organic ingredients business of SunOpta Inc. (TSX:SOY) comprising The Organic Corporation B.V. and Tradin Organics USA LLC (together, Tradin) for $389.8 million. Tradin supplies food, beverage products, and organic raw ingredients. SunOpta manufactures and sells plant-based and fruit-based food and beverage products and is based in Mississauga, Canada. Acomo, together with its subsidiaries, engages in sourcing, processing, treatment, trading, packaging, and distributing natural food products and ingredients for the food and beverage industry worldwide and is based in Rotterdam, the Netherlands. Van Doorne N.V. and Faegre Drinker Biddle & Reath LLP served as legal advisors to SunOpta. NautaDutilh N.V. and Latham & Watkins LLP served as legal advisors to Acomo.

12/31/2020 Nu Skin Enterprises, Inc. (NYSE:NUS) acquired Ingredient Innovations International Company, dba 3i Solutions. The terms of the transaction were not disclosed. 3i Solutions is an innovative ingredient manufacturing company based in Wooster, OH that specializes in manufacturing oil-soluble material that is water-dispersible for cosmetics, food and nutritional industries. Nu Skin develops and distributes personal care and wellness products worldwide and is based in Provo, UT. Columbia West Capital served as the exclusive financial advisor to 3i Solutions.

M&A - Financial

10/1/2020 Rosewood Private Investments acquired Living Ecology, Inc. The terms of the transaction were not disclosed. Living Ecology develops, formulates, and manufactures functional food and nutritional supplements with a specialization in fruit and nutrition bars and is based in Henderson, NV. Rosewood Private Investments is the private equity subsidiary of The Rosewood Corporation, a family-owned company with diverse worldwide operations and investments, and is based in Dallas, TX.

10/27/2020 TPG Growth acquired an unknown majority stake in SmartSweets Inc. The terms of the transaction were not disclosed. SmartSweets manufactures candies with no sugar, sugar alcohols, or artificial sweeteners and is based in Vancouver, Canada. TPG is a private equity and venture capital firm based in San Francisco, CA.

11/19/2020 Trolley Venture Partners acquired Conscious Cultures, LLC, dba Blue Ridge Bucha. The terms of the transaction were not disclosed. Blue Ridge produces and sells organic kombucha in refillable bottles and is based in Waynesboro, VA. Trolley is a venture capital firm based in Richmond, VA.

12/9/2020 Norwest Equity Partners acquired an unknown majority stake in Brinkhoff & Monoson, Inc., dba Red Monkey Foods, Inc. The terms of the transaction were not disclosed. Red Monkey manufactures and delivers its own and private label organic spices and all-natural seasonings and is based in Springfield, MO. Norwest is a private equity and venture capital firm and is based in Minneapolis, MN. Cooley LLP served as legal advisor to Red Monkey. Winston & Strawn LLP served as legal advisor to Norwest.

Private Placements

10/14/2020 The LIVEKINDLY Collective announced that it has received $135.0 million in a round of funding led by existing investor Blue Horizon Corporation. LIVEKINDLY is a global multi-brand plant-based food company based in New York, NY. Blue Horizon is a venture capital firm based in Zurich, Switzerland.

10/19/2020 V2 Food Pty Ltd announced that it has received $54.6 million in its Series B round of funding from Temasek Holdings (Private) Limited, Horizons Ventures Limited, Sequoia Capital China, and other investors. V2 produces and distributes plant-based meat and is based in Sydney, Australia. Temasek is a sovereign wealth fund of the Government of Singapore. Horizons is a venture capital firm based in Central, Hong Kong. Sequoia is a venture capital firm based in Beijing, China.

10/20/2020 Probi AB (OM:PROB) acquired approximately 10% stake in Vital Nutrients Holdings, LLC for $6.0 million. Vital Nutrients engages in manufacturing nutritional supplement products that promote health, wellness, and vitality and is based in Middletown, CT. Probi is a bioengineering company that researches, develops, manufactures, markets, and sells probiotics for food, health, and pharmaceutical companies and is based in Lund, Sweden.

10/21/2020 Perfect Day, Inc. announced that it has received funding from Bob Iger, Executive Chairman of Walt Disney Co, who has joined the company's board of directors. Perfect Day owns and operates a dairy that produces animal-free milk and related dairy products and is based in Emeryville, CA.

10/28/2020 Quinn Foods LLC, dba Quinn Popcorn, announced that it has received Series D funding from The Hershey Company (NYSE:HSY) as well as existing investors. The terms of the transaction were not disclosed. Quinn is a natural foods snack company focused on ingredient transparency through its Farm-to-Bag™ Initiative and is based in Louisville, CO.

11/2/2020 Biscotti Brothers Bakery, Inc. announced that it has received funding from new investor Main Street Gourmet, LLC. Biscotti Brothers bakes and distributes Italian cookies and is based in Greensburg, PA. Main Street Gourmet operates as a custom bakery that offers baked goods in the categories of trans fat free, fat free, low fat, sugar free, whole grain, Omega 3, kosher, vegan, all natural, probiotic, and spelt and is based in Cuyahoga Falls, OH.

11/9/2020 So Good Brand, Inc. announced that it has received $10.5 million in funding from Prelude Growth Partners and other investors. So Good produces and supplies cold-pressed juices, juice cleanses, and coffees and is based in Minneapolis, MN. Prelude is a private equity firm based in New York, NY.

11/10/2020 New Wave Foods, Inc. announced that it will receive $18.0 million in funding from New Enterprise Associates, Inc., Evolution VC Partners, and other investors. The transaction closed on January 6, 2021. New Wave produces and sells plant-based seafood products and is based in San Francisco, CA. New Enterprise is a private equity and venture capital firm and is based in Menlo Park, CA. Evolution is a principal investment firm based in New York, NY.

11/11/2020 Zero Egg Ltd. announced that it has received $5.0 million in a round of funding from Powerplant Ventures, LLC and other investors. Zero Egg develops plant-based egg and is based in Ashdod, Israel. Powerplant is a venture capital firm and is based in Hermosa Beach, CA.

11/12/2020 Kate Farms, Inc. announced that is has received $51.0 million in its Series B round of funding led by The Goldman Sachs Group, Inc. (NYSE:GS) with participation from Kaiser Permanente Ventures and existing individual investors. Kate Farms produces vegan foods and drinks and is based in Santa Barbara, CA.

11/17/2020 Magic Spoon Inc. announced that it has received $9.0 million in funding from 18 investors. Magic Spoon produces and sells high protein, low carb, sugar-free, grain-free, and gluten-free cereals with no artificial colors or sweeteners and is based in New York, NY.

11/18/2020 HVMN, Inc. announced that it has received $5.6 million in funding from 27 investors including Liquid 2 Ventures and individual investors Tony Hsieh, Zac Brown, and Will Ward. HVMN produces and distributes ketone ester drinks, products supporting a ketogenic diet, and nootropic supplements and is based in San Francisco, CA. Liquid 2 Ventures is a venture capital firm based in San Francisco, CA.

11/19/2020 Mars, Incorporated acquired an unknown minority stake in KIND LLC. The terms of the transaction were not disclosed. KIND manufactures and distributes healthy snacks and fruit and nut bars and is based in New York, NY. Mars engages in the production and sale of confectionery, pet food, and other food products for customers worldwide and is based in McLean, VA. Goodwin Procter LLP served as legal advisor to KIND. Simpson Thacher & Bartlett LLP served as legal advisor to Mars.

11/19/2020 BlueNalu, Inc. raised $5.0 million in a transaction that included participation from returning investor Agronomics Limited (AIM:ANIC). BlueNalu is a vertical-farming company that processes, produces, and markets cell-based sea animals and seafood products and is based in San Diego, CA. Agronomics is a principal investment firm based in Douglas, Isle of Man.

11/24/2020 Cheribundi, Inc. announced that it has received $15.0 million in a round of funding led by returning investor Emil Capital Partners, LLC. Cheribundi produces and sells cherry juices, fruit refresh products, tea refresh products, and other products and is based in Geneva, NY. Emil Capital is the investment arm of Tengelmann Warenhandelsgesellschaft KG and is based in Greenwich, CT.

11/30/2020 Bougie Bakes LLC announced that it has received an equity round of funding that involved participation from individual investors Rosie O’Neill and Josh Resnick for minority stake in the company through Pure Imagination Brands. Bougie Bakes produces gluten-free, sugar-free, dairy-free brownies, muffins, cookies, and scones and is based in Los Angeles, CA. Pure Imagination is an early-stage investment fund based in Santa Monica, CA.

12/1/2020 NewAge, Inc. (NasdaqCM:NBEV) announced that it will close a new debt facility for a total of $30.0 million with funds and accounts managed by JGB Management Inc. New Age develops, markets, sells, and distributes healthy liquid dietary supplements and ready-to-drink beverages and is based in Denver, CO. JGB is an alternative asset management firm based in Westport, CT.

12/2/2020 Ultima Health Products, Inc. announced that it has received a round of funding that involved participation from new lenders The Firmament Group and WM Partners, LP. Ultima manufactures and markets sugar-free electrolyte hydration products and is based in Cortland, OH. The Firmament Group is an investment firm based in New York, NY. WM Partners is a private equity firm based in Aventura, FL.

12/3/2020 USANA Health Sciences, Inc. (NYSE:USNA) acquired a minority stake in Built Brands, LLC. The terms of the transaction were not disclosed. Built Brands produces and distributes protein and energy products and is based in Spanish Fork, UT. USANA develops, manufactures, and sells science-based nutritional and personal care products and is based in Salt Lake City, UT.

12/8/2020 UrbanFarmer LLC announced that it has received funding from new investor Paine Schwartz Partners. UrbanFarmer is a plant-based specialty dough contract manufacturer based in Manteno, IL. Paine Schwartz is a private equity firm based in New York, NY. Reed Smith LLP served as legal advisor to UrbanFarmer. Kirkland & Ellis LLP served as legal advisor to Paine Schwartz.

12/14/2020 Clevr Blends announced that it has received a round of funding that included participation from individual investor Meghan Markle. Clevr Blends produces and sells oat milk lattes and powdered drinks and is based in Santa Barbara, CA.

12/15/2020 National Flavors, Inc. acquired an unknown stake in Essences Bonnie & Don Flavours Inc. The terms of the transaction were not disclosed. Essences creates and manufactures natural flavors, extracts, essential oils, and emulsion systems and is based in Mississauga, Canada. National Flavors engages in processing and manufacturing flavoring materials for baking, ice cream and frozen dessert, confectionery, and allied food industries and is based in Kalamazoo, MI.

12/15/2020 Sambazon, Inc. announced that it has received $8.0 million in funding from a single investor. Sambazon produces and sells organic acai products and is based in San Clemente, CA.

12/17/2020 IPMF LLC announced that it has received a multi-million dollar investment from Trivest Partners. IPMF is a contract food manufacturer and co-packer and is based in Beloit, WI. Trivest is a private equity and venture capital firm based in Coral Gables, FL.

12/21/2020 Little Spoon, Inc. announced that it has received $22.0 million in funding led by new investor Valor Siren Ventures with participation from Vaultier7 LLP, Interplay Ventures, SoGal Ventures, and other investors. Little Spoon manufactures and markets baby food, vitamins, and probiotics products and is based in New York, NY. Valor is a private equity and venture capital firm based in Chicago, IL. Vaultier7 is a venture capital firm based in London, United Kingdom. Interplay and SoGal are venture capital firms based in New York, NY.

12/30/2020 Air Protein, Inc. announced that it has received $32.1 million in funding from GV, ADM Ventures, Barclays UK Ventures, and other investors. Air Protein uses a proprietary probiotic process to develop sustainable protein from CO2 and is based in Pleasanton, CA. GV operates as a venture capital arm of Alphabet Inc. and is based in Mountain View, CA. ADM is a venture capital arm of Archer-Daniels-Midland Company and is based in Decatur, IL. Barclays UK Ventures is a venture capital arm of Barclays PLC and is based in the United Kingdom.

11/30/2020 Outstanding Foods, Inc. announced that it will receive $16.4 million in funding. On January 6, 2021, the company closed the transaction, which included participation from 248 investors. Outstanding Foods produces plant-based vegan snacks and is based in Los Angeles, CA.

12/22/2020 Uplifting Results Labs, Inc. announced that it will receive $8.2 million in funding from Alpha Edison, Acre Venture Partners, Baron Davis, and Cathy Richards, Founder of SimplyProtein. The transaction closed on January 6, 2021. Uplifting Results operates as a consumer health and food technology company that develops nutrition solutions to address chronic health conditions and is based in Los Angeles, CA. Alpha Edison is a venture capital firm based in Los Angeles, CA. Acre is a venture capital firm based in Santa Monica, CA.