CW Q3 2022 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

7/1/2022 Grain Processing Corporation acquired Natural Products Inc. The terms of the transaction were not disclosed. Natural engages in the manufacturing of full-fat soy ingredients made from non-GMO or certified organic soybeans and is based in Grinnell, IA. Grain produces corn-based products and ingredients for the beverage, nutraceutical, personal care and industrial markets and is based in Muscatine, IA.

7/14/2022 EARI Beverage Group (OTCPK:EARI) acquired Blossom Water, LLC. The terms of the transaction were not disclosed. Blossom manufactures and retails botanical water enhanced with natural fruit and flower essences for maintaining wellness and vitality and is based in Westwood, MA. EARI is a diversified beverage and media group with a portfolio of brands in the hand-crafted spirit and functional drinks categories and is based in Cornelius, NC.

8/5/2022 Above Food Inc., dba Above Food and Ingredients, acquired Discovery Seed Labs Ltd. The terms of the transaction were not disclosed. Discovery operates a commercial laboratory that provides seed and disease testing services and is based in Saskatoon, SK. Above develops and distributes plant-based meat and dairy products and is based in Regina, SK.

8/9/2022 Ingredion Incorporated (NYSE:INGR) announced that it recently acquired an additional 7% stake in PureCircle Limited from minority shareholders for $27.0 million. PureCircle engages in the production, marketing, and distribution of natural sweeteners and flavors and is based in Chicago, IL. Ingredion is a global ingredient solutions provider and is based in Westchester, IL.

8/9/2022 Catalent, Inc. (NYSE:CTLT) agreed to acquire Metrics, Inc. for $475.0 million. The transaction closed on 10/4/2022. Metrics provides contract services for the development and manufacture of pharmaceutical drugs and is based in Greenville, NC. Catalent, together with its subsidiaries, develops and manufactures solutions for drugs, protein-based biologics, cell and gene therapies, and consumer health and beauty products worldwide and is based in Somerset, NJ. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to Catalent.

8/16/2022 Fermented Food Holdings, Inc. (FFH) acquired the Great Lakes Kraut Foods' Sauerkraut business from GLK Foods, LLC (GLK), uniting FFH's portfolio of fermented food brands with GLK's sauerkraut brands and extensive supply chain capabilities. The terms of the transaction were not disclosed. GLK produces and sells kraut and its Oh Snap snack brand and is based in Appleton, WI. FFH operates food brands that manufacture kosher dill pickles, bread, and butter chips, pickled green tomatoes, kosher dill relish, sauerkraut, horseradish, and pickled herring fillets and is based in Miami, FL.

8/24/2022 Creatd, Inc. (NasdaqCM:CRTD) acquired Brave Foods, LLC. Creatd, whose portfolio includes health and wellness consumer brands Camp, Dune, and Basis, empowers creators and brands through technology, partnership, and data-driven innovation and is based in New York, NY. Brave operates as a plant-based food company that manufactures and sells healthy breakfast food products online and is based in Brooklyn, NY.

8/25/2022 FlavorSum, LLC acquired Meridian Flavors Inc. The terms of the transaction were not disclosed. Meridian is a flavor manufacturer specializing in natural, non-GMO, and organic flavors and is based in Fenton, MO. FlavorSum develops and supplies flavor solutions for food and beverage applications and is based in Kalamazoo, MI. Jones Day served as legal advisor to FlavorSum.

8/30/2022 Balchem Corporation (NASDAQ:BCPC) acquired Cardinal Associates Inc., operating as Bergstrom Nutrition. The terms of the transaction were not disclosed. Bergstrom is a science-based manufacturer of methylsulfonylmethane (MSM) and is based in Vancouver, WA. Balchem is a global specialty ingredients company focused on nutrition and health and is based in New Hampton, NY.

9/8/2022 Wicked Foods, Inc. acquired Good Catch Foods. The terms of the transaction were not disclosed. Good develops and manufactures vegan, plant-based food substitutes for seafood and is based in New York, NY. Wicked produces plant-based food products and is based in Edina, MN.

9/8/2022 McCain Foods Limited acquired Scelta Products B.V. The terms of the transaction were not disclosed. Scelta produces and sells frozen vegetable-based snack products and is based in Kruiningen, the Netherlands. McCain produces food products including appetizers, a variety of frozen and chilled prepared potato products, and desserts for both the retail and foodservice industries and is headquartered in Toronto, ON.

9/12/2022 Nutrisystem, Inc. announced that it recently merged with Adaptive Health LLC. Wellful, Inc. is the new name of the parent company of Nutrisystem and Adaptive Health. Adaptive manufactures and distributes science-based nutritional health supplements and products and is based in Charlotte, NC. Nutrisystem, together with its subsidiaries, provides weight loss programs and distributes pre-packaged food for women and men and is based in Fort Washington, PA.

9/12/2022 Gotham Greens Holdings, PBC acquired FresH20 Growers Inc. The terms of the transaction were not disclosed. On the same date, Gotham also announced that it has raised $310.0 million in its Series E round of equity and debt funding from BMO Capital Partners, Ares Management, and other investors to support greenhouses under construction in Texas, Georgia and Colorado; facility expansions in Illinois and Rhode Island; as well as future projects and acquisitions. FresH2O is a 540,000 square foot hydroponic greenhouse grower that produces leafy green salad products and is based in Stevensburg, VA. Gotham operates as one of the largest networks of high-tech hydroponic greenhouses in North America producing and selling leafy greens and herbs, salad dressings, sauces and dips, including vegan varieties, to retail, restaurant and foodservice customers, and is based in Brooklyn, NY. BMO Capital Partners is a highly diversified financial services provider based in Toronto, ON. Ares is a global alternative investment manager based in Los Angeles, CA.

9/12/2022 Jacks Stir Brew Coffee and Vin Sur Vingt announced their merger and formation of new parent company TenEleven Hospitality. The terms of the transaction were not disclosed. Vin operates wine bars and retail wine shops and is based in New York, NY. Jacks owns and operates organic coffee shops and vegan bakeries and sells ethically sourced organic, shade-grown coffee and other merchandise in stores and online and is based in New York, NY.

9/20/2022 Amare Global, LP acquired Kyani, Inc. The terms of the transaction were not disclosed. Kyani operates as a distributor of nutritional and skin care products and is based in Idaho Falls, ID. Amare develops a mental wellness platform of products, programs, and people and is based in Irvine, CA.

9/30/2022 Modern Plant Based Foods Inc. (CSE:MEAT) acquired Sausage-Less Food Company Inc. The terms of the transaction were not disclosed. Sausage-Less produces plant-based sausage rolls, links, and longanisa and is based in Vancouver, BC. Modern develops and distributes plant-based meat alternative products in Canada and the U.S. and is based in Vancouver, BC.

M&A - Financial

7/26/2022 Entrepreneurial Equity Partners (e2p) announced that it has acquired Roskam Baking Company to merge with e2p's portfolio company, Organic Milling. The terms of the transaction were not disclosed. Roskam is a leading contract manufacturer of baked goods that supports many of America’s most iconic food brands and companies and is based in Grand Rapids, MI. Organic Milling is a maker of better-for-you cereal, granola, snacks, and ingredients for leading brands and private label companies and is based in San Dimas, CA. e2p is a private equity firm based in Chicago, IL. Latham & Watkins LLP served as legal advisor to e2p.

Private Placements

7/4/2022 Supply6 announced that it has received a round of funding from ah! Ventures India Private Limited, Silicon Road Ventures, and other investors. Supply6 manufactures nutritional supplements and is based in Bengaluru, India. ah! is a venture capital firm based in India. Silicon Road is a venture capital firm based in Atlanta, GA.

7/6/2022 Phytolon Ltd announced that it has received $14.5 million in funding led by DSM Venturing with participation from Cibus Fund, Ginkgo Bioworks, and other investors. Phytolon is a developer of fermentation-based natural food colors and is based in Misgav, Israel. DSM Venturing is a venture capital and private equity investment arm of DSM Innovation Center B.V. and is based in Limburg, Netherlands. Cibus Fund is a private equity vehicle of ADM Capital created to invest in rapidly-growing food chain companies that adopt technologies to enable the profitable and sustainable capture of high-growth market and produce opportunities. Ginkgo Bioworks is a Boston, MA-based company that builds a cell programming platform that enables the growth of biotechnology across diverse markets, from food to fragrance to pharmaceuticals.

7/13/2022 Blue Ocean Barns Inc. announced that it has raised $20.0 million in a round of funding from Valor Management Corp., Tao Capital Partners, and other investors. Blue is a public benefit corporation that sources, processes, and markets seaweed to use as a cattle feed additive to reduce methane emissions and is based in Kailua-Kona, HI. Valor is a private equity and venture capital firm based in Chicago, IL. Tao is a principal investment firm based in San Francisco, CA.

7/13/2022 Oatbox Cereal Co. announced that it has received approximately $5.4 million in a round of funding from unnamed investors to support the production and development of Canadian organic oat milk. Oatbox provides organic, non-GMO, and vegan oat-based products, such as oatmeal, granola, and bars, which are packaged in recyclable materials and sold online and in stores and is based in Montreal, QC.

7/15/2022 Base Culture, LLC announced that it has received $9.8 million in funding from two investors including Flowers Foods, Inc. (NYSE:FLO). Base produces paleo-friendly baked food products and is based in Clearwater, FL. Flowers produces and markets packaged bakery products and is based in Thomasville, GA. Jones Day served as legal advisor to Base.

7/19/2022 Only What You Need, Inc., dba OWYN, announced that it has received a round of funding led by Purchase Capital LLC with participation from Hammock Park Capital LLC and Powerplant Ventures, LLC. OWYN is a plant-protein brand that produces and sells nutrition products and is based in Fairfield, NJ. Purchase is an investment firm based in the U.S. Hammock is a principal investment firm based in Coral Gables, FL. Powerplant is a venture capital firm based in Mill Valley, CA.

7/21/2022 Dan-D Foods Ltd. has received a round of funding from Navis Capital Partners. Dan-D is a producer of healthy nut snacks and is based in Richmond, BC. Navis is a private equity firm based in Kuala Lumpur, Malaysia.

7/25/2022 Emergy Inc., dba Meati Foods, announced it has raised $150.0 million in its Series C investment round led by Revolution Growth with participation from existing and new investors. Meati produces whole-food cutlets and steaks made from mushroom root through modernized ancient, natural processes in a toxicity-free environment with no heavy metals, pesticides or antibiotics and is based in Boulder, CO. Revolution is a private equity and venture capital firm based in Washington, D.C.

8/1/2022 Celsius Holdings, Inc. (NasdaqCM:CELH) announced that it has received a net cash investment of $550.0 million from PepsiCo, Inc. (NasdaqGS:PEP) in exchange for convertible preferred stock, and announced a definitive agreement forging a long-term strategic distribution arrangement. Celsius develops, processes, markets, distributes, and sells functional drinks and liquid supplements and is based in Boca Raton, FL. Holland & Knight LLP served as legal advisor to Celsius. Gibson, Dunn & Crutcher LLP served as legal advisor to PepsiCo.

8/8/2022 Oatside Private Limited announced that it has raised $65.6 million in a round of funding co-led by Temasek Holdings and GGV Capital. Oatside produces and retails plant-based milk products made from oats and is based in Singapore. Temasek is a private equity and venture capital firm based in Singapore. GGV is a private equity and venture capital firm based in Menlo Park, CA.

8/10/2022 Eat The Change, LLC announced that it has raised $14.5 million from Collaborative Fund and S2G Ventures. Eat produces and sells planet-friendly plant-based snacks and beverages and is based in Bethesda, MD. Collaborative is a private equity and venture capital firm based in New York, NY. S2G is a venture capital firm based in Chicago, IL.

8/17/2022 Eat Just, Inc. announced that it has raised $25.0 million in funding from C2 Capital Partners - SCR, S.A. Eat Just produces and markets plant-based food products and is based in San Francisco, CA. C2 is a private equity and venture capital firm based in Lisbon, Portugal.

8/22/2022 Thrive Foods announced that it has raised a round of funding from Entrepreneurial Equity Partners, L.P. (e2p). Thrive is a manufacturer of freeze-dried products including fruits, vegetables, proteins, pet treats, probiotics, enzymes, and prepared meals and is based in American Fork, UT. e2p is a private equity firm based in Chicago, IL.

8/25/2022 Plug Drink, Inc. announced that it has received funding from new investor Blue Equity, LLC. The Plug Drink is a plant-based recovery drink with a blend of 13 different plants, fruits and flowers for recovery after a night out and is based in Los Angeles, CA. Blue is a private equity and venture capital firm based in Louisville, KY.

9/1/2022 Planted Foods AG announced that it has received $71.1 million in a round of funding led by L Catterton Partners with participation from Tengelmann Ventures Management GmbH, Vorwerk Ventures, and others. Planted develops plant-based meat and is based in Lindau, Switzerland. L Catterton is a private equity and venture capital firm based in Greenwich, CT. Tengelmann is a venture capital arm of Tengelmann Warenhandelsgesellschaft KG and is based in Essen, Germany. Vorwerk is the venture capital and private equity arm of Vorwerk & Co. KG and is based in Berlin, Germany.

9/8/2022 Bachan's, Inc. announced that it has raised $13.0 million in a round of funding from Sonoma Brands Capital, Prelude Growth Partners, and other investors. Bachan's manufactures and online retails Japanese original or gluten-free barbecue sauce and other products and is based in Sebastopol, CA. Sonoma is a private equity and venture capital firm based in Sonoma, CA. Prelude is a private equity firm based in New York, NY.

9/9/2022 LIFEAID Beverage Company, LLC announced that it has received a round of funding in a transaction that included participation from individual investor Budda Baker. LIFEAID manufactures and sells supplemental nutrition products packaged in beverage cans and is based in Santa Cruz, CA.

9/12/2022 MUSH Foods Inc. announced that it has received $23.0 million in funding from 5 investors. MUSH produces ready-to-eat, gluten-free, non-GMO oats for breakfast, snacking, and post-workout and is based in Chicago, IL.

9/14/2022 Standing Ovation SAS announced that it has raised $12.0 million in a round of funding led by Astanor Ventures with participation from PeakBridge Partners Ltd, Seventure Partners, and other investors. Standing produces and offers vegan cheese and is based in Paris, France. Astanor is a venture capital firm based in Belgium. PeakBridge is a venture capital firm based in Valletta, Malta. Seventure is a private equity and venture capital firm based in Paris, France.

9/14/2022 Umaro Foods, Inc. announced that it has raised a round of funding from Chris Paul. Umaro develops and produces plant-based bacon products and is based in Albany, CA.

9/15/2022 Project One Nutrition, Inc., dba Momentous, announced that it has received $6.5 million in a round of funding from DSM Venturing B.V. and other investors. Momentous manufactures and sells nutritional supplements and is based in Palo Alto, CA. DSM is a venture capital and private equity investment arm of DSM Innovation Center B.V. and is based in Limburg, Netherlands.

9/19/2022 Kate Farms, Inc. announced the completion of its $75.0 million Series C round of funding led by Novo Holdings A/S with participation from Main Street Advisors, LLC, Kaiser Permanente Ventures, and other investors. Kate produces vegan foods and drinks and is based in Santa Barbara, CA. Novo is a private equity and venture capital arm of global healthcare company The Novo Nordisk Foundation and is based in Hellerup, Denmark. Main Street is an investment advisory firm based in Westminster, MD. Kaiser is the venture capital arm of Kaiser Permanente, an American integrated managed care consortium, and is based in Oakland, CA.

9/27/2022 Blake's Seed Based LLC announced that it has received $7.0 million in funding from 44 investors. Blake's manufactures and wholesales seed-based snacks and is based in Chicago, IL.

9/28/2022 Wicked Foods, Inc. announced that it has received $20.0 million in bridge funding in a transaction that included participation from Ahimsa VC, NR Instant Produce Public Company Limited, and individual investor Woody Harrelson. Wicked produces plant-based food products and is based in Edina, MN. Ahimsa is a private equity firm based in Bengaluru, India. NR, through its subsidiaries, manufactures and distributes food products and is based in Samut Sakhon, Thailand.

9/30/2022 Cella Farms Inc. announced that it has received $8.0 million in funding from 12 investors. Cella uses fermentation to enrich agricultural products with complete protein and make them nutritionally balanced and is based in San Ramon, CA.