CW Q1 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

1/3/2022 Oterra announced that it recently acquired Food Ingredient Solutions, LLC (FIS). The terms of the transaction were not disclosed. FIS manufactures and distributes organic colors and natural oxidants and is based in Teterboro, NJ. Oterra develops and manufactures natural coloring ingredients for the food and beverage industry and is based in Hoersholm, Denmark. Hill Ward Henderson and Steve Weinberger & Associates LLC served as legal advisors to FIS. Winston & Strawn LLP and Accura served as legal advisors to Oterra.

1/4/2022 Sweet Harvest Foods Inc. announced that it recently acquired Nature Nate’s Honey Co. The terms of the transaction were not disclosed. Nature Nate's produces and markets honey and honey-based products and is based in McKinney, TX. Sweet Harvest produces and sells honey, peanut butter, and syrups to retail and wholesale clients and is based in Cannon Falls, MN. Foley & Lardner LLP served as legal advisor to Nature Nate's.

1/4/2022 Primo Water North America (PWNA) acquired substantially all of the assets of Clear Mountain Refreshment Services, dba Premium Refreshment Service. In a related transaction, PWNA acquired substantially all of the assets of the Mountain Valley distributor business of North Texas Mountain Valley Corporation, dba Water Event. The terms of the transactions were not disclosed. Premium Refreshment distributes water and refreshment products to home, office, and commercial clients in the U.S. and is based in Little Rock, AR. Water Event distributes bottled spring water, drinking water, distilled water, alkaline water, and coconut water and is based in Carrollton, TX. Primo Water produces and distributes purified, spring and mineral water and water filtration coolers and is based in Tampa, FL.

1/4/2022 Solace Nutrition, LLC acquired the assets of R-Kane Nutritionals, LLC. The terms of the transaction were not disclosed. R-Kane specializes in high protein meal replacement solutions to service the weight loss and management market and is based in Burlington, NJ. Solace develops, manufactures, and markets nutrition products that help individuals with metabolic nutritional needs and chronic diseases and is based in Pawcatuck, CT.

1/5/2022 Wellbeam Consumer Health LLC acquired BioTRUST Nutrition LLC. The terms of the transaction were not disclosed. BioTRUST is an eCommerce nutrition brand with a portfolio of 25 science-based products that span protein, collagen, healthy living, anti-aging, and digestive health and is based in Austin, TX. Backed by San Francisco, CA-based private equity firm American Pacific Group, Wellbeam is a diversified portfolio of differentiated eCommerce-focused wellness brands, including Eu Natural, Penetrex, TruSkin, and BioTRUST. Bryan Cave served as legal advisor to BioTRUST. Jones Day served as legal advisor to Wellbeam.

1/24/2022 Monterey Bay Herb Co acquired AmeriHerb. The terms of the transaction were not disclosed. AmeriHerb is a distributor of botanicals, herbs, and spices and is based in Ames, IA. Monterey is a processor and distributor of botanicals, herbs, teas, and spices and is based in Watsonville, CA.

1/27/2022 Galerie USA LLC, dba Galerie Candy & Gifts, acquired Snoooze USA, LLC. The terms of the transaction were not disclosed. Snoooze produces natural sleep drinks using herbal ingredients and is based in Hebron, KY. Galerie offers candy products and is based in Hebron, KY.

2/2/2022 Nestlé Health Science S.A. agreed to acquire an unknown majority stake in Orgain, Inc. The terms of the transaction were not disclosed. The transaction closed on 4/1/2022. Orgain produces organic nutritional products including nutrition shakes, protein shakes, protein bars and protein powders and is based in Irvine, CA. Nestlé Health Science manufactures and distributes nutritional solutions based on consumer health, medical nutrition, and supplements and is based in Vevey, Switzerland. Kirkland & Ellis LLP and Giannuzzi Lewendon LLP served as legal advisors to Orgain.

2/4/2022 King's Hawaiian Enterprises, Inc. acquired Shaka Beverages LLC. The terms of the transaction were not disclosed. Shaka produces and sells herbal iced tea and is based in Hilo, HI. King's manufactures and markets breads, cakes, and bakery products and is based in Torrance, CA.

2/17/2022 Monster Beverage Corporation (NasdaqGS:MNST) acquired CANarchy Craft Brewery Collective LLC for $330.0 million. The transaction does not include CANarchy’s stand-alone restaurants. CANarchy is a craft beer and hard seltzer company based in Longmont, CO. Monster engages in the development, marketing, sale, and distribution of energy drink beverages and concentrates in the U.S. and internationally and is based in Corona, CA. Latham & Watkins served as legal advisor to CANarchy. Jones Day served as legal advisor to Monster.

2/21/2022 Nestlé Health Science S.A. acquired remaining stake in Vital Proteins LLC. The terms of the transaction were not disclosed. Vital manufactures and sells whole food-based nutrition containing collagen supplements, beverages and food products and is based in Franklin Park, IL.

2/24/2022 NEOH Invest AG acquired an unknown majority stake in NEOH USA, LLC. The terms of the transaction were not disclosed. NEOH is a food tech company based in Kirkland, WA that manufactures and sells guilt-free candy bars with 90 calories, 1g sugar, 3g net carbs and 7g protein. Herbst Kinsky Rechtsanwälte GmbH served as legal advisor to NEOH.

2/28/2022 Thorne HealthTech, Inc. (NasdaqGS:THRN) acquired Nutrativa LLC for $15.0 million. Nutrativa provides dissolvable supplement discs and is based in New York, NY. Thorne develops nutritional supplements, offers wellness education solutions, and offers various health tests, such as sleep, stress, weight management, gut health, heavy metals, biological age, and other health tests that generate molecular portraits for its customers, and is based in New York, NY.

3/2/2022 Aceto Corporation acquired Biotron Laboratories, Inc. and Talus Mineral Company. The terms of the transaction were not disclosed. Biotron and Talus are affiliated entities that in partnership manufacture and supply leading specialty minerals and nutritional ingredients to global markets and are based in Centerville and Ogden, UT. Aceto engages in the research and development, marketing, sale, and distribution of human health products, pharmaceutical ingredients, and performance chemicals and is based in Port Washington, NY. Foley & Lardner LLP served as legal advisor to Biotron and Talus. Ulmer & Berne served as legal advisor to Aceto.

3/17/2022 Pure for Men, LLC acquired TTFM Products LLC. The terms of the transaction were not disclosed. TTFM manufactures an ultra-premium fiber supplement that supports digestive health and is based in Austin, TX. Pure for Men engages in the manufacturing and retailing of wellness products for men and is based in Austin, TX.

3/25/2022 Alliance Pharma plc (AIM:APH) acquired ScarAway and Kelo-cote from Perrigo Company plc (NYSE:PRGO) for $19.4 million. ScarAway and Kelo-cote comprise a scar treatment brand and are based in Suwanee, GA. Alliance acquires, markets, and distributes consumer healthcare and prescription medicine products and is based in Chippenham, the United Kingdom. Perrigo provides over-the-counter health and wellness solutions and is based in Dublin, Ireland.

3/28/2022 Global Food and Ingredients Inc. acquired the assets of Bentilia. The terms of the transaction were not disclosed. Bentilia is a lentil-based pasta brand offering premium, gluten-free products in the plant-based pasta space and is based in Toronto, Ontario. Global Food engages in the processing and supplying of plant-based high protein ingredients and is based in Toronto, Canada.

M&A - Financial

1/7/2022 Champlain Capital Management, LLC announced that it recently acquired Pre Brands LLC. The terms of the transaction were not disclosed. Pre Brands offers 100% grass fed and finished beef products without added antibiotics, added hormones, BPA or GMOs and is based in Chicago, IL. Champlain is a private equity firm based in San Francisco, CA. Blank Rome LLP served as legal advisor to Pre Brands. Troutman Sanders LLP served as legal advisor to Champlain.

Private Placements

1/4/2022 Remilk Ltd. announced that it has received $120.0 million in a round of funding led by new investor Hanaco Venture Capital Ltd. with participation from CPT Capital, Fresh.Fund, and other investors. Remilk produces animal-free dairy products through a microbial fermentation process, which reproduces milk proteins to craft real dairy, and is based in Rehovot, Israel. Hanaco is a venture capital firm based in Tel Aviv, Israel. CPT is a venture capital firm based in London, United Kingdom. Fresh.Fund is a venture capital firm based in Jerusalem, Israel.

1/11/2022 Stryve Foods, Inc. announced the closing of its private placement for gross proceeds of $35.0 million. Stryve manufactures, markets, and sells all-natural air-dried meat snack products that contain zero grams of sugar, and are free of MSG, gluten, nitrates, nitrites, and preservatives, and is based in Plano, TX.

1/11/2022 GLS Labs LLC, dba Prestige Labs, announced that it has raised a round of funding that included participation from new investor American Pacific Group. Prestige provides premium fitness and health supplements with a product portfolio focused on supporting high-performance sports nutrition and is based in Carrollton, TX. American Pacific is a private equity firm based in Larkspur, CA.

1/13/2022 Mubadala Capital, Entrepreneurial Equity Partners, L.P. and the Management team of Mercer Foods, LLC acquired an unknown minority stake in Mercer Foods, LLC. Mercer is a leading producer of natural and organic freeze-dried fruits, vegetables, and other foods and ingredients and is based in Modesto, CA. Mubadala is an investment firm based in Abu Dhabi, UAE. Entrepreneurial Equity is a private equity firm based in Chicago, IL.

1/17/2022 No Ordinary Drink (NOD) announced that it has received funding led by new investor Proterra Investment Partners LP. NOD is a manufacturer and producer of healthy beverages and is based in Shanghai, China. Proterra is a private equity firm based in Minneapolis, MN.

1/19/2022 Driftless Extracts, LLC announced that it has received a round of funding from new investor Kemin Industries, Inc. Driftless cultivates, processes, and distributes hemp products and is based in Lone Rock, WI. Kemin engages in the research and development, manufacture, and sale of nutritional ingredients and is based in Des Moines, IA.

1/25/2022 Skinny Butcher LLC announced that it will receive $10.0 million in funding from 1 investor. The Skinny Butcher produces and sells plant protein-based food products and is based in Birmingham, MI.

1/31/2022 Purely Elizabeth LLC announced that it has received $50.0 million in its Series B round of funding co-led by new investors Seminal Capital Holdings, LLC, Swander Pace Capital, and Fresh Del Monte Produce Inc. (NYSE:FDP). Purely manufactures and sells certified gluten-free and vegan products consisting of granola, pancake & waffle mix, and oatmeal incorporating nutrient-rich ingredients such as ancient grains, coconut sugar, probiotics, and MCT oil, and is based in Boulder, CO. Seminal is a private equity and venture capital firm based in Wayne, PA. Swander is a private equity firm based in San Francisco, CA. Fresh Del Monte, through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables and is based in George Town, Cayman Islands.

1/31/2022 Enzu.Life Pvt Ltd, which operates lifestyle nutrition brand PlantVita, announced that it has raised an undisclosed sum in a seed funding round led by JITO Angel Network with participation from AIM Group and other investors. PlantVita manufactures and sells plant-based food products and nutritional supplements and is based in Mumbai, India. JITO is an angel investor based in Mumbai, India. AIM is an angel network based in Opelika, AL.

2/2/2022 Nowadays, Inc. announced that it will receive a seed round of funding. On 4/20/2022 it announced it closed the transaction having raised $10.0 million to date to support commercialization of new plant-based chicken innovation, scale its proprietary whole-cut technology platform, and expand distribution. The transaction was led by Stray Dog Capital, LLC with participation from new investors Standard Meat Company, LP, Selva Ventures LLC, and other investors. Nowadays produces and sells plant-based nuggets and is based in San Francisco, CA. Stray Dog is a private equity and venture capital firm based in Leawood, KS. Standard Meat produces, processes, and sells meat products for customers worldwide and is based in Dallas, TX. Selva is a principal investment firm based in San Francisco, CA.

2/15/2022 Tender Food, Inc. announced that it has received $12.0 million in funding led by new investor Lowercarbon Capital, LLC with participation from Rhapsody Venture Partners, LLC, Safar Partners, LLC, and other investors. Tender produces and sells alternative meat products using proteins and is based in Somerville, MA. Lowercarbon is a principal investment firm based in New York, NY. Rhapsody and Safar are venture capital firms based in Cambridge, MA.

2/17/2022 GrowUp Farms Limited announced that it has raised $136.2 million in a round of funding that included participation from new investor Generate Capital, Inc. GrowUp is an urban farming company that produces and distributes fish, salads, and herbs using aquaponics and vertical growing technologies and is based in London, United Kingdom. Generate Capital operates as a specialty finance company and is based in San Francisco, CA. Burges Salmon LLP served as legal advisor to GrowUp.

2/17/2022 Kodiak Cakes, LLC announced that it has received a round of funding from Patricof Co. LLC and other investors. Kodiak produces better-for-you protein-powered breakfast staples such as pancakes and mixes and is based in Park City, UT. Patricof is a specialized private investment platform for professional athletes and is based in New York, NY.

2/18/2022 NOVAMEAT TECH SL announced that it has received $6.4 million in funding led by Praesidium Investment Management Company, LLC with participation from Unovis Asset Management, LLC, Rubio Impact Ventures, and other investors. NOVAMEAT develops cutting-edge technological solutions to feed the planet’s growing population with plant-based foods and is based in Barcelona, Spain. Praesidium is an employee-owned investment manager based in New York, NY. Unovis is a venture capital firm based in New York, NY. Rubio is a venture capital firm based in Amsterdam, The Netherlands.

2/22/2022 Wild Type, Inc. announced it has raised $100.0 million in its Series B funding round led by new investor L Catterton Partners with a number of high profile investors such as Leonardo DiCaprio, Robert Downey Jr. (through his Footprint Coalition) and Jeff Bezos (through Bezos Expeditions) among other investors. Wild Type produces sustainable meat, poultry, and seafood using cellular agriculture technology, without raising or slaughtering animals, and is based in San Francisco, CA. L Catterton is a private equity and venture capital firm based in Greenwich, CT.

2/22/2022 Sanzo Brands Inc. announced that it has raised $10.0 million in its Series A round of funding led by new investor CircleUp Network, Inc. with participation from Convivialité Ventures, LLC, Gold House Collective, and other investors. Sanzo produces and sells sparkling water formulated with fruit and no added sugar, artificial flavors or preservatives and is based in New York, NY. CircleUp operates an equity crowdfunding platform and is based in San Francisco, CA. Convivialité is a venture capital arm of global wine and spirits group Pernod Ricard SA and is based in San Francisco, CA. Gold House operates as a nonprofit collective of Asian founders, creative voices, and leaders dedicated to unifying the populace–Asians and Pacific Islanders–to enable more authentic multicultural representation and societal equity and is based in Los Angeles, CA.

2/22/2022 Get Bizzy Inc. announced that it has raised $7.1 million in a round of funding led by new investor Sidekick Partners with participation from new investors Gaingels, LLC, Bluestein Ventures and other investors. Bizzy manufactures and markets organic cold-brew coffee products and is based in Minneapolis, MN. Sidekick is a venture capital firm based in the U.S. Gaingels is a venture investment syndicate in support of and representing the LGBTQIA+ community and allies in the venture capital space and is based in Burlington, VT. Bluestein is a venture capital firm based in Chicago, IL.

2/23/2022 good culture, LLC announced that it will receive $63.7 million in funding led by Manna Tree Partners. good culture engages in the production of organic cottage cheese made with live and active cultures and is based in Irvine, CA. Manna Tree is a private equity firm based in Vail, CO.

2/24/2022 The Plug Drink, Inc. announced that it has received a round of funding from new investor Red Door Capital Partners, LLC. The Plug Drink develops and produces a science backed and plant-based recovery drink and is based in Los Angeles, CA. Red Door is a private equity and venture capital firm based in Salt Lake City, UT.

2/28/2022 Better Dairy Limited announced that it has received $22.0 million in a round of funding co-led by new investors Redalpine Venture Partners AG and Vorwerk Ventures with participation from Happiness Capital and other investors. Better Dairy produces animal-free dairy products using precision fermentation and is based in London, United Kingdom. Redalpine is a venture capital firm based in Zürich, Switzerland. Vorwerk is the venture capital and private equity arm of Vorwerk & Co. KG, a diversified corporate group based in Wuppertal, Germany. Happiness is a venture capital arm of LKK Health Products Group Limited based in Central, Hong Kong.

2/28/2022 GoodMylk Co. announced that it has raised a round of funding from RareBreed Ventures Management LLC. GoodMylk produces raw, organic, and homemade plant-based milk concentrate and is based in Marina Del Rey, CA. RareBreed is a venture capital firm based in Randallstown, MD.

3/8/2022 teaRIOT, LLC announced that it will receive $5.0 in funding. The transaction closed on 4/6/2022 and included participation from 23 investors. teaRIOT produces and markets cold pressed juices and is based in Marina Del Rey, CA.

3/8/2022 SmartSweets Inc. announced that it has received funding from Plus Capital, Nina Dobrev, Shawn Mendes, and other investors. SmartSweets manufactures candies with no sugar, sugar alcohols, or artificial sweeteners and is based in Vancouver, BC. Plus Capital is a venture capital firm based in Los Angeles, CA.

3/09/2022 Once Upon a Farm, PBC announced it has raised $44.0 million in its Series D round of funding led by returning investor CAVU Venture Partners, LLC with participation from Beechwood Capital, S2G Ventures, and other investors. Once Upon a Farm produces cold-pressed and organic baby products and is based in Berkeley, CA. CAVU is a venture capital and private equity firm based in New York, NY. Beechwood Capital is a private equity and venture capital firm based in Wellesley, MA. S2G is a venture capital firm based in Chicago, IL.

3/10/2022 A-Frame Brands LLC announced that it has received $11.2 million in a round of funding led by new investor Forerunner Ventures with participation from Initialized Capital Management, LLC, Columbia Care, Inc. (CNSX:CCHW), and other investors. A-Frame operates as a developer of plant-based personal care products including soaps, foaming soap refills, hand sanitizers, and cleansing hand sprays and is based in Los Angeles, CA. Forerunner and Initialized are venture capital firms based in San Francisco, CA. Columbia Care cultivates, manufactures, and provides cannabis-based health and wellness solutions and derivative products and is based in New York, NY.

3/15/2022 Bobbie Baby, Inc. announced the closing of $50.0 million in new financing, including its Series B funding led by Park West with participation from existing investors VMG and NextView. Bobbie Baby produces organic infant formula and is based in San Francisco, CA. Park West is an employee-owned hedge fund sponsor and is based in Larkspur, CA. VMG is a private equity firm based in San Francisco, CA. NextView is a venture capital firm based in Boston, MA.

3/16/2022 Plantish Ltd. announced that it has received $12.5 million in its seed round of funding led by new investor State of Mind Ventures with participation from Pitango Venture Capital, Unovis Asset Management, LLC, OurCrowd Ltd., and other investors. Plantish, a food technology company, develops plant-based seafood products and is based in Rehovot, Israel. State of Mind and Pitango are venture capital firms based in Herzliya, Israel. Unovis is a venture capital firm based in New York, NY. OurCrowd is a venture capital firm based in Jerusalem, Israel.

3/24/2022 Upside Foods, Inc. announced that it will receive $400.0 in a round of funding co-led by existing investor Temasek Capital Management Pte. Ltd. and new investor Abu Dhabi Growth Fund with participation from Baillie Gifford & Co., Givaudan SA (SWX:GIVN), Bill Gates, Cargill, Incorporated, and other investors. Upside grows meat in small quantities using cells from cows, pigs, and chickens and is based in Berkeley, CA. Temasek is a private equity firm based in Singapore. Abu Dhabi Growth is a private equity and venture capital arm of Abu Dhabi Developmental Holding Company PJSC and is based in United Arab Emirates. Baillie is an employee-owned investment manager based in Edinburgh, Scotland. Givaudan, together with its subsidiaries, manufactures, supplies, and sells fragrance, beauty, taste, and wellbeing products to the consumer goods industry and is based in Vernier, Switzerland. Cargill provides food, agriculture, financial, and industrial products and services worldwide and is based in Minneapolis, MN.

3/26/2022 In HairCare announced that it has received a round of funding led by new investor Obratori. In HairCare engages in the production and distribution of natural products for hair care including vegan, plant-based supplements and is based in Paris, France. Obratori is the venture capital arm of L'Occitane Groupe S.A., an international group that manufactures and retails beauty and well-being products that contain natural and organic ingredients, and is based in Marseille, France.