CW Q4 2021 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

10/6/2021 Wellbeam Consumer Health LLC acquired TruSkin Partners, Inc. The terms of the transaction were not disclosed. TruSkin manufactures skin care products and is based in Seattle, WA. Wellbeam manufactures health supplements and is based in Palo Alto, CA.

10/7/2021 Savencia SA (ENXTPA:SAVE) acquired Hope Foods, LLC. The terms of the transaction were not disclosed. Hope produces hummus, organic food dips, and spreads and is based in Louisville, CO. Savencia produces dairy products in France and internationally and is based in Viroflay, France. Neal, Gerber & Eisenberg LLP served as legal advisor to Savencia.

10/7/2021 Primo Water Corporation (TSX:PRMW) acquired GetFresh. The terms of the transaction were not disclosed. GetFresh engages in the production and distribution of spring water and is based in Warsaw, Poland. Primo provides water direct to consumers and water filtration services and is based in Tampa, FL.

10/14/2021 Colorcon, Inc. acquired an unknown majority stake in Ideal Cures Pvt. Ltd. The terms of the transaction were not disclosed. Ideal manufactures and distributes pharmaceutical excipients and ready-to-use coating systems for solid oral dosage forms and is based in Mumbai, India. Colorcon provides pharmaceutical film coatings, specialty excipients, and formulation development assistance to pharmaceutical and supplement customers worldwide and is based in Harleysville, PA. Khaitan & Co. served as legal advisor to Ideal.

10/25/2021 Cult Food Science Corp. (CNSX:CULT) acquired an unknown minority stake in Ohayo Valley Inc. to develop cell-based premium grade Wagyu ribeye beef. The terms of the transaction were not disclosed. Ohayo is a cultivated meat science and cell biology company based in Berkeley, CA. Cult Food is an investment company based in Vancouver, BC.

11/4/2021 Beliv LLC acquired Big Easy Bucha, LLC. The terms of the transaction were not disclosed. Big Easy produces beverages made of fruits and is based in New Orleans, LA. Beliv produces and sells soft drinks, juice and nectars, water, and energy drinks and is based in San Juan, PR.

11/11/2021 Main Street Gourmet, LLC acquired Meurer Brothers Bakery. The terms of the transaction were not disclosed. Meurer produces, distributes, and sells various pastries and cookies and is based in Fond du Lac, WI. Main Street operates a custom bakery offering 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.

11/15/2021 Rare Beauty Brands, Inc. acquired Dr. Dana Beauty, LLC from Nu Skin Enterprises, Inc. (NYSE:NUS). The terms of the transaction were not disclosed. Dr. Dana Beauty manufactures and sells nail care products and nail renewal systems and is based in Van Nuys, CA. Rare Beauty develops and incubates beauty brands such as Plant Apothecary and patchology and is based in Norwood, MA. Nu Skin develops and distributes personal care and wellness products worldwide and is based in Provo, UT.

12/6/2021 Utz Brands, Inc. (NYSE:UTZ) acquired R.W. Garcia Co. Inc. for $56.0 million. R.W. Garcia produces snack food items, including a range of gluten-free items, and is based in San Jose, CA. Utz operates as a snack food manufacturing company and is based in Hanover, PA.

12/7/2021 Prinova Group LLC acquired Lakeshore Technologies. The terms of the transaction were not disclosed. Lakeshore provides micronizing, blending, repackaging, sifting, and other services and is based in Norton Shores, MI. Prinova provides ingredient distribution, flavor manufacturing, product development, flavor and fragrance ingredients, and custom premixes for the food, beverage and nutrition industries and is based in Hanover Park, IL.

12/9/2021 Givaudan SA (SWX:GIVN) acquired D.D. Williamson & Co., Inc., dba DDW, The Color House. The terms of the transaction were not disclosed. DDW creates natural food colors for food and beverage manufacturers and is based in Louisvillle, KY. Givaudan creates flavors and fragrances focusing on nutrition, health and wellbeing, and beauty and is based in Vernier, Switzerland.

12/9/2021 Tate & Lyle plc (LSE:TATE) acquired an unknown minority stake in Zymtronix. The terms of the transaction were not disclosed. Zymtronix develops a technology for enzyme immobilization and is based in Ithaca, NY. Tate & Lyle is a global provider of ingredients and solutions for the food, beverage and industrial markets and is based in London, the United Kingdom.

12/13/2021 Taylor Farms Retail, Inc. acquired the Fresh Packaged Salads and Vegetables Business from Curation Foods, Inc. and Landec Corporation (NasdaqGS:LNDC) for $73.5 million. Curation markets a line of whole vegetables, fresh-cut vegetables, and bananas and is based in Santa Maria, CA. Landec, together with its subsidiaries, engages in the design, development, manufacture, and sale of differentiated health and wellness products for food and biomaterials markets and is based in Santa Maria, CA. Taylor Farms produces and sells bagged lettuce and vegetables and is based in Salinas, CA. Gibson, Dunn & Crutcher LLP served as legal advisor to Taylor Farms. Latham & Watkins LLP served as legal advisor to Landec.

12/13/2021 Perfect Day, Inc. acquired Coolhaus, Inc. The terms of the transaction were not disclosed. Coolhaus produces ice cream and is based in Cardiff-by-the-Sea, CA. Perfect Day operates a dairy that produces animal-free milk, proteins, and related dairy products and is based in Berkeley, CA.

12/21/2021 Tattooed Chef, Inc. (Nasdaq:TTCF) acquired assets of Belmont Confections, Inc. for $18.0 million. Belmont specializes in the development and manufacturing of private label nutritional bars and is based in Youngstown, OH. Tattooed Chef is a plant-based food company offering a broad portfolio of innovative and sustainably sourced plant-based foods and is based in Paramount, CA. Meyers, Roman, Friedberg & Lewis served as legal advisor to Belmont. Rutan & Tucker served as legal advisor to Tattooed Chef.

12/22/2021 Archer-Daniels-Midland Company (NYSE:ADM) acquired Flavor Infusion International, S.A. The terms of the transaction were not disclosed. Archer-Daniels-Midland procures, transports, stores, processes, and merchandises agricultural commodities, products, and ingredients and is based in Chicago, IL. Flavor Infusion engages in the manufacturing of flavors, juice blends, and dry premixes and is based in Panama.

12/29/2021 Hearthside Food Solutions, LLC acquired Weston Foods ambient bakery business from George Weston Limited (TSX:WN) for $295.6 million. Weston Foods is comprised of the baking products manufacturing business of George Weston with locations in Canada and the U.S. Hearthside is a contract manufacturer and producer of baked foods, snacks, nutrition bars, frozen, refrigerated, and fresh sandwiches/entrees and a full-service provider of food packaging services and is based in Downers Grove, IL. George Weston provides food and drug retailing, and financial services in Canada and internationally and is based in Toronto, ON. Stikeman Elliott LLP and Ropes & Gray LLP served as legal advisors to Hearthside. Mayer Brown LLP and Torys LLP served as legal advisors to George Weston.

M&A - Financial

10/4/2021 4x4 Capital acquired the former sports and active nutrition division of The Bountiful Company. The terms of the transaction were not disclosed. Bountiful manufactures, markets, distributes, and retails vitamins, nutritional supplements, herbs, sports and active nutrition, and ethical beauty products in the U.S. and internationally and is based in Ronkonkoma, NY. 4x4 Capital is a private equity investment firm based in New York, NY. Simpson Thacher & Bartlett LLP served as legal advisor to Bountiful. Sidley Austin LLP served as legal advisor to 4x4 Capital.

10/7/2021 Bellingham Capital (BellCap) acquired National Organic 160 Products Limited. The terms of the transaction were not disclosed. National Organic's core consumer brand is Bunalun Organic which offers a wide range of 100% organic food products and is based in Bray, Ireland. BellCap is an investment firm based in Castlebellingham, Ireland.

11/2/2021 Eat Well Investment Group Inc. (CNSX:EWG) acquired a 51% stake in PataFoods, Inc., dba Amara Organic Foods, for $11.6 million. Amara is a food technology company that uses science and proprietary IP that locks in taste and texture to make healthy, organic, non-GMO, plant-based, convenient baby and children’s food and snacks and is based in San Francisco, CA. Eat Well is a venture capital firm based in Vancouver, BC.

11/4/2021 Arbor Investments acquired an unknown majority stake in Aliments Fontaine Santé Inc. The terms of the transaction were not disclosed. Aliments produces hummus, dips and spreads, sauces, salads, and other vegetarian products using natural, fresh, and healthy ingredients and is based in Montréal, QC. Arbor is a private equity firm based in Chicago, IL. Kirkland & Ellis and Stikeman and Elliott LLP served as legal advisors to Arbor.

11/18/2021 SLG Investment Holdings, LLC acquired a majority stake in Foothills Food Group, LLC. The terms of the transaction were not disclosed. Foothills produces protein bars and is based in Greenville, SC. SLG is an investment company based in Greenville, SC.

12/1/2021 3 Rivers Capital, LLC acquired an unknown majority stake in Blue Chip Group, Inc. The terms of the transaction were not disclosed. Blue Chip produces over 300 different food and beverage products, including gluten-free and fresh organic offerings, and is based in Salt Lake City, UT. 3 Rivers is a private equity firm based in Pittsburgh, PA.

12/8/2021 Wind Point Advisors, LLC and current good2grow management acquired good2grow, LLC. The terms of the transaction were not disclosed. good2grow produces and sells healthy and nutritional drinks for children and is based in Atlanta, GA. Wind Point is a private equity and venture capital firm based in Chicago, IL. Weil, Gotshal & Manges LLP served as legal advisor to good2grow. Winston & Strawn LLP served as legal advisor to Wind Point.

12/15/2021 Arbor Investments acquired OFD, LLC. The terms of the transaction were not disclosed. OFD produces freeze-dried ingredients for food companies and has a product line including nutraceutical ingredients such as probiotics and other dietary nutritional supplements and is based in Albany, Oregon. Arbor is a private equity firm based in Chicago, IL. Stoel Rives LLP served as legal advisor to OFD. Winston & Strawn LLP served as legal advisor to Arbor.

12/21/2021 San Francisco Equity Partners acquired an unknown majority stake in Rustic Bakery, Inc. The terms of the transaction were not disclosed. Rustic manufactures artisanal sourdough flatbread crackers and other food products using local, organic ingredients and is based in San Rafael, CA. San Francisco Equity Partners is a private equity and venture capital firm based in San Francisco, CA.

12/28/2021 The Hain Celestial Group, Inc. (NasdaqGS:HAIN) agreed to acquire That's How We Roll LLC for $259.0 million. That's How We Roll manufactures and markets better-for-you chips, cookies, and other snack products and is based in Fairfield, NJ. Hain manufactures, markets, and sells organic and natural products and is based in Lake Success, NY. Venable LLP served as legal advisor to Hain.

Private Placements

10/13/2021 MusclePharm Corporation (OTCMKTS:MSLP) announced that it has entered into definitive agreements with accredited institutional investors for gross proceeds of approximately $7.1 million and intends to use the funds for general working capital purposes, including supporting the rollout of MP Performance Energy, the Company’s new functional energy drink line. MusclePharm develops, manufactures, markets, and distributes sports nutrition products and nutritional supplements and is based in Calabasas, CA. Ropes & Gray LLP served as legal advisor to Muscle Pharm.

10/14/2021 Daring Foods Inc. announced that it will receive $53.0 million in funding. On 10/27/2021, Daring received $65.0 million in the round from Founders Fund, Inc. and other investors. The company received $15.1 million in its second and final tranche. Daring produces and sells plant-based chicken and is based in Culver City, CA. Founders Fund is a venture capital firm based in San Francisco, CA.

10/18/2021 Roots Food Group announced that it has received a round of funding from individual investor NBA all-star Chris Paul. The terms of the transaction were not disclosed. Roots produces and distributes medically tailored meals and 'Food Is Medicine' products prescribed by doctors as a covered benefit to treat various conditions and chronic diseases and is based in Costa Mesa, CA.

10/19/2021 Cometeer, Inc. announced that it has received $35.0 million in its Series B round of funding from Greycroft Partners LLC, Tao Capital Partners, and other investors. Cometeer produces and sells flash-frozen high quality coffee capsules and is based in Gloucester, MA. Greycroft is a venture capital firm based in New York, NY. Tao is a principal investment firm based in San Francisco, CA.

10/20/2021 BIOMILQ announced that it has received $21.0 million in a round of funding led by new investor Novo Holdings A/S. BIOMILQ produces nutritionally equivalent breastmilk from cultured human mammary cells and is based in Durham, NC. Novo is a private equity and venture capital arm of The Novo Nordisk Foundation and is based in Hellerup, Denmark

10/20/2021 Abbot's Butcher, Inc. announced that it has received a round of funding led by new investor Melitas Ventures with participation from existing investors Unovis Asset Management, LLC, SOSV Investments LLC, and individual investors Owen Wilson and Woody & Laura Harrelson. The terms of the transaction were not disclosed. Abbot's produces and markets plant-based meat products and is based in Costa Mesa, CA. Melitas is a venture capital firm based in New York, NY. Unovis is a venture capital firm based in Amsterdam, Netherlands. SOSV is a venture capital firm based in Princeton, NJ.

10/22/2021 SoChatti announced that it has received $5.0 million in a round of funding from Elevate Ventures and private investors. SoChatti produces and sells dairy-free melted chocolate and is based in Indianapolis, IN. Elevate is a venture capital firm based in Indianapolis, IN.

10/26/2021 Nxfoods GmbH announced that it has raised $6.0 million in a round of funding from Cherry Ventures Management and other investors. Nxfoods produces and sells plant-based chocolates and is based in Munich, Germany. Cherry is a venture capital firm based in Berlin, Germany.

10/27/2021 Pulmuone Foods USA, Inc. announced the completion of its private placement for gross proceeds of $39.8 million. The transaction involved participation from Pulmuone Foods Co., Ltd., a manufacturer and seller of food products based in Eumseong-eup, South Korea that continues to hold 100% stake in the company. Pulmuone Foods USA manufactures leading tofu brands, such as Nasoya, Wildwood, Azumaya, Pulmuone, Sansui and Soga, and other products, and is based in Fullerton, CA. On 12/7/2021, Pulmuone further announced a 100,000 square foot expansion at its Fullerton facility that doubles its tofu production capabilities and creates 110 new jobs. The expansion will help meet accelerated demand as the total U.S. tofu market size has increased from $91.0 million in 2018 to an expected $182.0 million in 2022.

10/27/2021 Needed PBC announced that it has received $5.8 million in a round of funding from Seae Ventures, Peterson Partners LP, and other investors. Needed produces nutrition supplements for women, offering subscription-based plans to meet their needs before, during, and after pregnancy and is based in Los Angeles, CA. Seae is a venture capital firm based in Boston, MA. Peterson is a private equity and venture capital firm based in Salt Lake City.

10/29/2021 Jiguin Company announced that it has received $23.8 million in a round of funding from IMM Investment Corp., Primer Sazze Partners, and other investors. Jiguin produces plant-based meat products and is based in Seocho-gu, South Korea. IMM is a private equity and venture capital firm based in Seoul, South Korea. Primer Sazze is an accelerator and venture capital firm based in San Jose, CA.

11/2/2021 Yuan Qi Sen Lin (Bei Jing) Food Technology Group Co., Ltd announced that it has raised $200.0 million in its Series A round of funding from Temasek Holdings Limited and other investors. Yuan produces healthy drinks, fruit juices, and energy drinks and is based in Beijing, China. Temasek is a private equity and venture capital firm based in Singapore.

11/3/2021 Ingredient Optimized announced a new financing round from Continental Grain Company and SOSV. Ingredient Optimized produces and sells ioProtein, ioWhey and other ingredient optimized supplements and is based in Sarasota, FL. Continental operates in food, agribusiness, and commodities businesses worldwide and is based in New York, NY. SOSV is a venture capital firm and accelerator based in Princeton, NJ.

11/10/2021 Dream Pops, LLC announced that it has received $6.0 million in a round of funding from Melitas Ventures and other investors. Dream Pops produces and sells plant-based ice-cream and is based in Los Angeles, CA. Melitas is a venture capital firm based in New York, NY.

11/10/2021 Wholesome Goodness, LLC, dba Riceworks, announced that it has received an equity round of funding from new investor Decathlon Capital Partners, LLC and affiliated sponsors. Riceworks produces natural and nutritious food including hot and cold cereals, rice snacks and chips, omega granola bars, and other products and is based in Long Grove, IL. Decathlon is a venture capital firm based in Park City, Utah.

11/15/2021 New Culture Inc. announced that it will receive $26.5 million in funding from Ahren Innovation Capital LLP, CPT Capital, ADM Ventures, and other investors. New Culture uses microflora to make dairy proteins and dairy products and is based in San Leandro, CA. Ahren and CPT are venture capital firms based in London, UK. ADM is a venture capital arm of Archer-Daniels-Midland Company and is based in Decatur, IL.

11/17/2021 Imagindairy Ltd announced that it has received its seed round of funding led by MoreVC with participation from new investors S2G Ventures, Collaborative Fund, and others. Imagindairy creates animal free dairy protein products and is based in Nesher, Israel. MoreVC is a venture capital firm based in Ra'anana, Israel. S2G is a venture capital firm based in Chicago, IL. Collaborative Fund is a private equity and venture capital firm based in San Francisco, CA.

11/18/2021 Eat Just, Inc. announced that it has received a round of funding from new investor AIV Capital Ltd. Eat Just develops and markets plant-based alternatives to conventionally produced egg products and is based in San Francisco, CA. AIV is a private equity and venture capital firm based in London, UK.

11/19/2021 Icelandic Provisions, Inc. announced that it has received $10.6 million in funding from 19 investors. Icelandic produces and sells varieties of Skyr, an Icelandic yogurt developed in partnership with Iceland’s oldest farmer-owned dairy using an original recipe and heirloom Icelandic Skyr cultures and is based in New York, NY.

11/22/2021 The Fresh Factory B.C. Ltd. (CNSX:FRSH) announced that it has received $37.0 million in funding from 77 investors. Fresh Factory is a vertically integrated company focused on accelerating the growth of plant-based, clean-label food and beverage brands. It owns or partners with emerging brands in the plant-based space to develop, manufacture, and sell products made from fresh produce and recognizable ingredients and is based in Carol Stream, IL.

11/23/2021 Zikooin announced that it has received $23.5 million in a round of funding from Primer Sazze Partners, IMM Investment Corp., and other investors. Zikooin produces and supplies vegetable meat made from discarded grains and is based in Seoul, South Korea. Primer Sazze is an accelerator and venture capital firm based in San Jose, CA. IMM is a private equity and venture capital firm based in Seoul, South Korea.

11/23/2021 Impossible Foods Inc. announced that it has completed a $500.0 million funding round led by existing investor Mirae Asset Global Investments Co., Ltd. Impossible develops and produces meats and cheeses without using animals and is based in Redwood City, CA. Mirae is a diversified global investment manager and is based in Seoul, South Korea.

11/23/2021 GoodMylk Co. announced that it has received a round of funding from new investor TELUS Pollinator Fund for Good. GoodMylk produces raw, organic, and homemade plant-based milk concentrates and is based in Marina Del Rey, CA. TELUS is a private investment firm based in Vancouver, Canada.

12/1/2021 Twins Premium Kimchi announced that it has raised a round of funding from Strong Ventures, LLC. Twins engages in the production of kimchi using quality ingredients that are non-GMO, organic, gluten free, MSG free, and primarily locally grown and is based in Vista, CA. Strong is a venture capital firm based in Los Angeles, CA. O'Melveny & Myers LLP served as the legal advisor to Strong.

12/1/2021 Woodland Foods Inc. announced that it has received an equity round of funding from new investor Graham Partners, Inc., who acquired majority stake in the company. Woodland produces organic and specialty food ingredients for restaurants and commercial kitchens and is based in Waukegan, IL. Graham is a private equity firm based in Newton Square, PA. Vedder Price P.C. served as legal advisor to Woodland.

12/6/2021 Kunachia S.A., dba LiveKuna, announced that it has received its Series A round of funding from Bimbo Ventures and other investors. LiveKuna is a vertically integrated superfood company whose products includes gluten-free flours, pastas, cereals, seeds and grains in addition to its growth-driving line of superfood quinoa and chia puffed snacks, KunaPops, and is based in Quito, Ecuador. Bimbo is the private equity arm of Grupo Bimbo, S.A.B. de C.V., the world's largest baking company, and is based in Mexico City, Mexico.

12/7/2021 Little Red Rooster Ice Cream Company, dba NadaMoo!, announced that it has raised $10.0 million in its Series B round of funding led by returning investors District Ventures Capital and InvestEco Capital Corp., and new investor Killam Investments. NadaMoo! produces and sells USDA organic, non-GMO, vegan, gluten-free, and fair-trade certified ice cream products made with coconut milk and agave nectar and is based in Austin, TX. District is a venture capital firm based in Calgary, AB. InvestEco is a private equity and venture capital firm based in Toronto, ON. Killam is a South Texas-based family office.

12/13/2021 Fullife Healthcare Pvt. Ltd. announced that it has received $22.0 million in a round of funding from Morgan Stanley Private Equity Asia, Kotak Securities Limited, Sixth Sense Ventures, and other investors. Fullife is a Mumbai, India-based manufacturer and distributor of pharmaceuticals, sports nutrition supplements, nutraceuticals, cosmeceuticals, and other products, and offers contract manufacturing services. Kotak is an investment firm based in Mumbai, India. Sixth Sense is a venture capital firm based in Mumbai, India.

12/14/2021 Jack & Annie’s announced that it has received $23.0 million in its Series B round of funding from Creadev, Desert Bloom Investments, Inc., and other investors. Jack & Annie's is a sustainable, animal meat alternative, vegan frozen food brand made from jackfruit. CEO Annie Ryu also created The Jackfruit Company, which produces jackfruit-based snacks and frozen meals and is based in Boulder, CO. Creadev is an investment company based in Paris, France. Desert Bloom is an investment company based in Mumbai, India.

12/17/2021 Greater Than, Inc. announced that it will receive $5.0 million in funding from 4 investors. The transaction closed on 1/3/2022. Greater Than produces all-natural performance and sports drinks without chemicals or added sugars and is based in Chicago, IL.

12/20/2021 Future Meat Technologies Ltd. announced that it has received $347.0 million in a round of funding from ADM Ventures Investment Corp, Tyson Ventures, LLC, and other investors. Future Meat is a biotechnology company that develops distributive manufacturing technology for production of cultured meat without the need to raise or harvest animals and is based in Jerusalem, Israel. ADM is a venture capital arm of Archer-Daniels-Midland Company and is based in Decatur, IL. Tyson Ventures is a venture capital arm of Tyson Foods, Inc. and is based in Chicago, IL.

12/20/2021 Caer, Inc., dba Yumi, announced that it has raised $67.0 million in its Series B round of funding led by Jazz Venture Partners, L.P. with participation from new investors AF Ventures, individual investor Anne Wojcicki of 23andMe, returning investors New Enterprise Associates, Inc., Brand Foundry Ventures, individual investors Gabrielle Union, Snoop Dogg, Neil Blumenthal and the founders of Harry’s, Sweetgreen and Uber. Yumi produces and sells organic baby food products and is based in Los Angeles, CA. Jazz is a venture capital firm based in San Francisco, CA. AF and Brand Foundry are venture capital firms based in New York, NY. New Enterprise is a private equity and venture capital firm based in Menlo Park, CA.

12/31/2021 True Made Foods, Inc. announced that it has received funding from new investor Blu Venture Investors, LLC. True produces and sells vegetable-based sauces and ketchups sweetened only with vegetables and fruit and is based in Alexandria, VA. Blu is a venture capital and private equity firm based in Vienna, VA.

12/31/2021 Revive Organics Inc., dba Revive Superfoods, announced that it has received a round of funding from new investor Blu Venture Investors, LLC. Revive develops, produces, and delivers a variety of healthy pre-portioned preservative-free, plant-based frozen meals, desserts, soups, smoothies, and other products and is based in Toronto, ON. Blu is a venture capital and private equity firm based in Vienna, VA.