CW Q2 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

4/4/2022 Cleveland Kitchen Co. acquired Sonoma Brinery, also known as Alexander Valley Gourmet, LLC. The terms of the transaction were not disclosed. Alexander produces pickles and raw sauerkraut for stores and restaurants and is based in Healdsburg, CA. Cleveland produces and sells fermented dressings and marinades, fresh probiotic kraut, kimchi, and pickles and is based in Cleveland, OH.

4/13/2022 LesserEvil LLC acquired an unknown majority stake in Research Enhanced Design + Development, Inc. (R.E.D.D.). The terms of the transaction were not disclosed. R.E.D.D. produces and sells energy bars, chocolates, mint chocolates, oatmeal, peanut butter, and hats and is based in Brunswick, ME. LesserEvil produces healthy, organic, less-processed, and earth-friendly snacks and is based in Danbury, CT.

5/2/2022 Florida Food Products, LLC acquired T-Bev, Inc. The terms of the transaction were not disclosed. T-Bev manufactures and sells natural and organic caffeine and functional botanical extracts and is based in Eugene, OR. Florida Food, an agribusiness company, provides plant extracts as healthy and natural ingredients for food, cosmetic, pharmaceutical, nutraceutical, and agricultural industries worldwide and is based in Eustis, FL.

5/2/2022 Hungry Marketplace, Inc. acquired NatureBox, Inc. The terms of the transaction were not disclosed. NatureBox produces and sells adaptogenic snacks and also distributes snacks and beverages and is based in Redwood City, CA. Hungry operates a mobile food marketplace that connects foodies with local chefs and is based in Arlington, VA.

5/3/2022 Tate & Lyle PLC (LSE:TATE) acquired substantially all assets of Nutriati, Inc. The terms of the transaction were not disclosed. Nutriati researches, develops, produces, and commercializes plant-based food products and produces gluten-free chickpea protein and chickpea flour and is based in Henrico, VA. Tate & Lyle, together with its subsidiaries, provides ingredients and solutions to the food, beverage, and other industries and is headquartered in London, United Kingdom.

6/7/2022 AAK Foodservice acquired ForA:Butter. The terms of the transaction were not disclosed. ForA:Butter is a dairy-free butter that is made with cocoa butter that performs the same as dairy butter in baking and cooking applications and is based in New York, NY. AAK produces food products for the food service industry and is based in Hillside, NJ.

6/14/2022 Golden Grail Technology Corp. (OTCPK:GOGY) acquired KOZ Water. The terms of the transaction were not disclosed. KOZ offers premium purified and pH balanced water packaged in cans and is based in Portland, OR. Golden identifies and acquires beverage brands including those within the energy drink and fruit essence water categories and is based in Weston, FL.

6/15/2022 SYSTM Foods Inc. acquired Chameleon Cold Brew, LLC from Nestlé USA, Inc. The terms of the transaction were not disclosed. Chameleon produces and sells organic cold brew coffee and other products. SYSTM owns and operates a platform for acquiring plant-based companies and is based in Newport Beach, CA.

6/21/2022 Balchem Corporation (NasdaqGS:BCPC) acquired Kappa Bioscience AS for $318.0 million. Kappa develops and produces vitamin K2 as menaquinone-7 and develops vitamin K2 for the food supplement and the fortified food market and is based in Oslo, Norway. Balchem develops, manufactures, and markets specialty performance ingredients and products for the nutritional, food, pharmaceutical, animal health, medical device sterilization, plant nutrition, and industrial markets and is based in New Hampton, NY. Ernst & Young Advokatfirma AS served as legal advisor to Balchem.

6/22/2022 General Mills, Inc. (NYSE:GIS) acquired TNT Crust, Inc. The terms of the transaction were not disclosed. TNT manufactures and distributes partially baked, self-rising, flat breads, and other pizza crusts, including gluten-free, cauliflower, paleo, and plant-based varieties, to restaurants, pizza manufacturers, and foodservice distributors and is based in Saint Charles, MI. General Mills manufactures and markets branded consumer foods and is based in Minneapolis, MN. Kirkland & Ellis LLP served as legal advisor to TNT. Jones Day served as legal advisor to General Mills.

M&A - Financial

4/16/2022 Advent International Corporation acquired IRCA S.p.A. The terms of the transaction were not disclosed. IRCA is a producer of specialty ingredients, including gluten-free and vegan varieties, for artisanal pastries, cakes, and gelatos and is based in Gallarate, Italy. Advent is a private equity firm based in Boston, MA. Bonelli Erede Pappalardo Studio Legale served as legal advisor to Advent.

4/26/2022 CapVest Partners LLP announced it recently acquired Second Nature Brands. The terms of the transaction were not disclosed. Based in Detroit, Second Nature is a platform of best-selling snack and treat brands focused on the nutritional and lifestyle needs of health-conscious consumers: Kar's Nuts®, Second Nature Snacks®, and Sanders Chocolates®. CapVest is a private equity firm based in London, United Kingdom. Greenberg Traurig, LLP served as legal advisor to Second Nature. Willkie Farr & Gallagher LLP served as legal advisor to CapVest.

Private Placements

4/1/2022 Green Rebel announced that it has received $7.0 million in a round of funding that included participation from Better Bite Ventures, Unovis Asset Management, LLC, and others. Green Rebel provides plant-based protein food products and is based in Jakarta, Indonesia. Better Bite is a venture capital and private equity firm based in Singapore. Unovis is a venture capital firm based in New York, NY.

4/5/2022 MyForest Foods Co. announced the closing of its $15.0 million venture loan facility from Horizon Technology Finance Corporation (NASDAQ: HRZN) and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon's advisor. MyForest produces and markets meat alternative products and is based in Green Island, NY. Horizon is a specialty finance company based in Farmington, CT.

4/7/2022 Leaft Foods announced that it has received $15.2 million in its Series A round of funding from Khosla Ventures, LLC and other investors. Leaft engages in the production of plant-based protein and is based in Lincoln, New Zealand. Khosla is a private equity and venture capital firm based in Menlo Park, CA.

4/11/2022 Pearlita Foods announced that it has received a round of funding from new investor Cult Food Science Corp. Pearlita produces cell-based sea food and is based in Raleigh, NC. Cult Food Science is an investment management firm based in Vancouver, BC.

4/13/2022 Mikuna Foods, Inc. announced that it has received $5.6 million in its seed round of funding led by a collective of athletes and investors in food and wellness including professional skateboarder Leticia Bufoni, surfing champion Mick Fanning, and Olympic snowboarder and gold medalist Sage Kotsenburg. Mikuna manufactures and retails plant-based nutritional food products and is based in Santa Barbara, CA.

4/15/2022 Koia Inc. announced that it has received a round of funding that included participation from KarpReilly GP, LLC, Monogram Capital Partners, CircleUp Network, Inc., Investment Arm, AccelFoods Partners, LLC, and a group of professional sports and entertainment icons including The Weeknd, Kevin Hart, Ron Boss Everline, Kyler Murray, Ryan O’Reilly, Josh Bell, Cordae, Internet Money, and Pink Sweats. Koia engages in manufacturing plant-based protein and ready-to-drink beverages and based in Los Angeles, CA. KarpReilly is a private equity firm based in Greenwich, CT. Monogram is a private equity firm based in Beverly Hills, CA. CircleUp is a venture capital firm based in San Francisco, CA. AccelFoods is venture capital firm based in New York, NY.

4/19/2022 Natac Group announced that it has raised a round of funding that included participation from returning investor Muzinich & Co., Inc. Natac investigates, develops, and sustainably manufactures plant extracts and ingredients of natural origin for the nutraceutical, pharmaceutical, food, animal nutrition, and cosmetic industries and is based in Alcorcón, Spain. Muzinich is an employee-owned investment manager based in New York, NY. DLA Piper LLP served as legal advisor to Muzinich

4/20/2022 CellMEAT CO., LTD. announced that it has received $8.1 million in its Series A round of funding that included participation from returning investors NAU IB Capital, BNK Venture Investment, Strong Ventures, LLC, and Ryukyung PSG. CellMEAT develops cell-based shrimp and is based in Gwangju-si, South Korea. NAU, BNK, and Ryukyung are investors based in Seoul, South Korea. Strong is a venture capital firm based in Los Angeles, CA.

4/26/2022 Neutral Foods, Inc. announced that it has raised funding led by individual investor David Adelman with participation from David Rubenstein’s Shorewind Capital, LeBron James and his business partner Maverick Carter, John Legend, Questlove, Emily Ratajkowski, Sebastian Bear-Mclard, Carlos Bocanegra, Tobias Harris, and Kevin Love. Neutral Foods offers carbon-neutral dairy products nationwide and is based in Portland, OR.

4/28/2022 FreshBev LLC announced it has received $5.0 million in a round of funding that included participation from 2 investors. FreshBev is a line of natural, small batch, cold-pressed cocktail juice mixers and is based in Wallingford, CT.

5/4/2022 NemaLife, Inc. announced that it has raised a round of funding from new investor Motif FoodWorks, Inc. NemaLife is a biotech platform company developing AI and microfluidics-based solutions for various industries to reduce the costs and carbon footprint associated with screening and is based in Lubbock, TX. Motif operates as a food-technology and bio-organism engineering company that develops food ingredients and provides animal-free proteins, such as meat alternatives, dairy actives, dairy-free proteins, and plant-based protein products and is based in Boston, MA.

5/5/2022 Kemin Foods, L.C. announced that it has received $25.0 million in funding from 3 investors. Kemin provides ingredients for supplemental manufacturers and is based in Des Moines, IA.

5/6/2022 Tractor Beverages, Inc. announced it has received $60.0 million in a round of funding led by new investor Keurig Dr Pepper Inc. Tractor is an organic, non-GMO, full line beverage solution tailored specifically for foodservice operators and is based in Coeur d'Alene, ID. Keurig Dr Pepper operates as a beverage company and is based in Burlington, MA.

5/6/2022 Tomorrow Farms LLC announced that it has received $8.5 million in a round of funding led by Lowercarbon Capital LLC with participation from Maveron LLC, Valor Management Corp., and other investors. Tomorrow builds retail-ready and animal-free brands and products and is based in Brooklyn, NY. Lowercarbon is a principal investment firm based in New York, NY. Maveron is a venture capital firm based in Seattle, WA. Valor is a private equity and venture capital firm based in Chicago, IL.

5/9/2022 Cubiq Foods, S.L. announced that it has received $6.0 million in a round of funding that included participation from Cargill Financial Services International Inc., Moira Capital Partners, and other investors. Cubiq produces adipose tissue, fats, and oils and cultivated fat enriched in omega-3 from cell cultures following natural processes and is based in Barcelona, Spain. Cargill Financial is an investment arm of Cargill, Inc. and is based in Minneapolis, MN. Moira is a private equity firm based in Madrid, Spain.

5/13/2022 Natural Extraction Technologies (NE Tech) has secured a $1.2 million investment from deep tech venture capital firm Pacific Channel. NE Tech has developed a sustainable extraction technology allowing marine and plant material to be extracted cheaper and more efficiently and is based in Christchurch, New Zealand. Pacific Channel is a venture capital firm based in Auckland, New Zealand.

5/16/2022 CellX Limited announced that it has received $15.0 million in its Series A round of funding that included participation from Lever VC, Agronomics Limited, Better Bite Ventures, and Joyvio Group Co., Ltd. CellX, a cellular agriculture company, produces cell-based pork and seafood products using tissue engineering and 3D bioprinting technologies and is based in Shanghai, China. Lever is a venture capital arm of Greinrus Agro and is based in Brooklyn, NY. Agronomics is a principal investment firm based in Ramsey, Isle of Man. Better Bite is a venture capital and private equity firm based in Singapore. Joyvio, through its subsidiaries, produces and sells fresh fruits, processed foods, and food materials and is based in Beijing, China.

5/17/2022 Yo-Egg announced that it has received $5.0 million in a round of funding co-led by new investors Stray Dog Capital LLC and NFX Capital Management, LLC with participation from new investor Surround Ventures and Secret Chord Ventures. Yo-Egg produces plant-based egg without the use of chickens and is based in Pardes Hanna-Karkur, Israel. Stray Dog is a private equity and venture capital firm based in Leawood, KS. NFX is a venture capital firm based in Palo Alto, CA. Surround is a principal investment firm based in New York, NY. Secret Chord is a principal investment firm based in Tel Aviv, Israel.

5/24/2022 Blueroot Health announced that it has received a round of funding from new investor Balance Point Capital Advisors. Blueroot, a consumer health company, provides nutraceutical products and offers clean, nutrient-rich, and evidence-based brands and is based in Middletown, CT. Balance is a private equity firm based in Westport, CT.

5/26/2022 Planet FWD announced that it has received $10.0 million in its Series A round of funding co-led by Acre Venture Partners and Congruent Ventures with participation from existing investor BBG Ventures, LLC, Precursor Ventures, and other investors. Planet produces snacks from regenerative ingredients to reduce carbon emissions in the food system and promote carbon-capturing farming practices and is based in San Francisco, CA. Acre is a venture capital firm based in Santa Monica, CA. Congruent is a venture capital firm based in San Francisco, CA. BBG is a venture capital firm based in New York, NY. Precursor is a venture capital firm based in San Francisco, CA.

5/27/2022 Joywell Foods, Inc. announced that it has received $25.0 million in its Series B round of funding led by new investor Piva with participation from B37 Ventures, Global Brain Co., Ltd., and other investors. Joywell produces natural sweet proteins and taste modifiers derived from exotic fruits and is based in Davis, CA. Piva and B37 are venture capital firms based in San Francisco, CA. Global is a venture capital firm based in Tokyo, Japan.

5/30/2022 Supliful announced that it has raised funding from new investor Wise Guys Holding OÜ. Supliful's platform lets creators launch their own functional foods, supplements, or food brand without upfront costs providing automated online store set up and order fulfillment and is based in Golden, CO. Wise Guys is venture capital firm based in Tallinn, Estonia.

6/2/2022 Change Foods, Inc. announced it has received $12.0 million in its seed extension round of funding from CULT Food Science Corp. (CNSX:CULT). Change produces animal-free cheese and dairy products and is based in Palo Alto, CA. CULT is an investment platform with an exclusive focus on cellular agriculture and is based in Vancouver, BC.

6/4/2022 Zaara Biotech announced that it has received a round of funding from Transcend International. Zaara, a biotechnology company, manufactures algal-based seaweed cookies and other food products and is based in Kodakara, India. Transcend is an investment firm based in the U.S.

6/8/2022 Hella Cocktail Co. announced it has received $5.0 million in a round of funding from new investor Uncle Nearest Ventures. Hella produces sodas, cocktails, and other non-alcoholic beverages and offers bitters and zero sugar sodas, mixers, and crafted bitters and is based in New York, NY. Uncle Nearest Ventures is the venture capital arm of Uncle Nearest Premium Whiskey, which is based in Shelbyville, TN.

6/8/2022 SCiFi Foods, formerly known as Artemys Foods, announced that it has received $22.0 million in its Series A round of funding led by new investor Andreessen Horowitz LLC. SCiFi produces and supplies plant-based meat products and is based in San Leandro, CA. Andreessen is a venture capital firm based in Menlo Park, CA.

6/9/2022 Minor Figures Ltd. announced that it has received a round of funding from Danone Manifesto Ventures, Inc. and Green Monday Holdings. Minor produces plant-based food products and has a portfolio of Barista Oat Milks and a line of ready-to-drink coffees and teas and is based in London, United Kingdom. Danone Manifesto is the corporate venture arm of global food and beverage company Danone and is based in New York, NY. Green manufactures and distributes plant-based pork substitute products and frozen meals and is based in Kowloon, Hong Kong.

6/13/2022 Magic Spoon Inc. announced it has raised $85.0 million in its Series B round of funding led by new investor Highpost Capital, LLC with participation from Coefficient Capital, Constellation Capital Corp., Siddhi Capital, LLC, and individual investors Carter Comstock, Shakira, Russell Westbrook, Halsey, The Chainsmokers, Amy Schumer, Odell Beckham Jr. and Nas. 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. Highpost is a principal investment firm based in New York, NY. Coefficient and Constellation are venture capital firms based in New York, NY. Siddhi is a principal investment firm based in the U.S.

6/13/2022 HiDoc Technologies GmbH announced that it has received $7.0 million in a round of funding led by new investor Dr. Schär AG / SPA with participation from returning investors Asabys Partners and Johnson & Johnson Innovation - JJDC, Inc. HiDoc develops an application for personalized care for chronic gastrointestinal issues and is based in Berlin, Germany. Dr. Schär develops and manufactures gluten-free food products for people with special dietary needs and is based in Burgstall, Italy. Asabys is a venture capital firm based in Barcelona, Spain.

6/16/2022 Unreal Deli announced that it has raised a round of funding that included participation from Mark Cuban and Gordon P. Getty Family Trust. Unreal engages in the production of plant-based meat and is based in Woodland Hills, CA.

6/21/2022 EN-R-G Foods, LLC, dba Honey Stinger, announced that it has received $15.0 million in a round of funding from 9 investors. Honey produces and sells honey-based nutritional foods, including energy and protein bars, waffles, gels, and chews for athletes, and is based in Steamboat Springs, CO.

6/22/2022 Chinova Bioworks Inc. announced that it has received $6.0 million in a round of funding co-led by returning investors DSM Venturing B.V. and Rhapsody Venture Partners LLC with participation from Rich Products Ventures. Chinova develops personalized natural antimicrobials for the beverage industry and is based in Fredericton, New Brunswick. DSM is a venture capital and private equity investment arm of DSM Innovation Center B.V. and is based in Limburg, Netherlands. Rhapsody is a venture capital firm based in Cambridge, MA. Rich Products is a global, family-owned food company based in Buffalo, NY.

6/22/2022 CTRL Holdings LLC announced that it has received a round of funding from esports organization LoudGG, content creators Jimmy Here and Crispy Concords, and many other investors. CTRL produces and retails powdered meal replacement shakes and its newly launched Meal On-The-Go Bars for gamers and athletes and is based in New York City, NY.

6/28/2022 Eclipse Foods Co announced that it has raised $40.0 million in a round of funding led by Sozo Ventures, LLC with participation from Gaingels, LLC, KBW Ventures, Inc., and other investors. Eclipse manufactures plant-based dairy products that are indistinguishable from animal dairy products, including ice cream, cream cheese, and sour cream, and is based in Berkeley, CA. Sozo is a venture capital firm based in Silicon Valley, CA. Gaingels is a venture capital firm based in Burlington, VT. KBW is a venture capital firm based in San Mateo, CA

6/29/2022 Compound Foods Inc. announced that it has received a round of funding from Cult Food Science Corp. (CNSX:CULT). Compound engages in the manufacture of a sustainable beanless coffee alternative using precision fermentation and is based in San Francisco, CA. Cult Food Science is an investment management firm based in Vancouver, BC.

6/30/2022 Project EADEN GmbH announced that it has received $8.4 million in funding from Creandum AB and other investors. Project EADEN engages in the production of never-seen-before food products with a focus on the alternative beef category and is based in Berlin, Germany. Creandum is a private equity and venture capital firm based in Stockholm, Sweden.

6/30/2022 Kemin Foods, L.C. announced that it will receive $75.0 million in funding. On 7/6/22, Kemin closed the transaction with participation from five investors. Kemin provides ingredients for supplemental manufacturers and is based in Des Moines, IA.